Legal requirements of starting a business in Queensland
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Queensland offers numerous business benefits as it has a supportive government, a steady economy and a growth forecast. Experts consider this place as an ideal option to start a business because Queensland has a highly skilled workforce for diverse industries like food and agribusiness, knowledge industries, tourism and advanced manufacturing.
If you are planning to start a business, there are many advantages that you can have. By starting a business in Queensland, you give yourself a chance to be your own boss, achieve your goals, be financially secured and enjoy more flexibility.
You may face some frustrations and setbacks at the initial phase, but your positive attitude will give you a positive result. Proper research and planning, hard work, dedication and commitment are the essential factors that make all the difference at the end. In-depth analysis of the market and knowing your customers can help you make your business successful.
For starting your business in Queensland, completion of legal requirements is essential. If you fail to follow the legislative requirements, the business can face severe penalties, and that can damage your reputation and your company’s image in the market. Here’s is a list of legal requirements that you need to take care before starting a business.
Focus on Your Business structure
It is essential to keep all registrations of your business structure complete and up to date. For instance, the name of the business must be renewed whenever required. If you have a company, you must also claim annual returns.
You should know The Corporations Act 2001 (Cwlth) in details and the requirements related to your company and financial products as well as services. Also, take care of taxes like GST and PAYG.
If you are planning for a partnership, make sure that your solicitor prepares a written contract before any trading or making financial commitments.
Take care of leasing premises
Leases of the retail shop must fulfil the requirement of the Retail Shop Leases Act 1994. Before you sign a lease, it must read, or your solicitor should read the documents. This gives you a clear idea whether the terms and conditions are suitable for you or not. You must understand your obligations before signing a document.
If you start a home business, it is essential to discuss with your local council. This is because the council has all the right to limit the number of people who can work at your place. You can get the number of your local council from the local government directory.
Protect your Intellectual property
You must protect the intellectual property (IP) because it gives you the legal right to that IP. But, the question is - how to protect the IP? Use patents, trademarks, and designs.
Review the IP protection on a regular basis and, if you find it appropriate, renew the protection (e.g. you must renew the trademarks every ten years). It is advisable to contact a specialist as IP issues are usually complex.
Learn about Employment terms and condition
It is quite evident that when you start a business in Queensland, you need to employ staff. But there are specific employer’s obligations that you need to follow. Being an employer, you must select the right candidate who fulfils the job description and matches the selection criteria you have mentioned.
You should be aware of the entire recruitment procedure and know how to interview the staff. If you are making any offers of employment, it must be in writing, including all the essential terms and condition.
If you want the employees to get familiar with the workplace, they should have proper induction training. This will help you protect the business from different threats like safety, health, environmental issues, unreasonable dismissal claims and discrimination.
Also remember that before you dismiss a staff member, make sure that you have followed the Anti-Discrimination Act 1991.
Work on Supplier agreements
When you are dealing with the suppliers, get all your agreements in writing. This step will decrease the chances of misunderstandings as well as disagreements.
Your solicitor should prepare an agreement that may include creditor terms, the conditions of the supply and other relevant things like marketing, time-limit and promotion support.
Know about Risk management
The best way to manage risks is by avoiding them. Transferring them to a different party can minimise the adverse effects. And when you are confident about taking the chance, you are likely to make a brave decision.
Different types of insurance can be helpful for managing the risk. Before you start a business in Brisbane or Queensland, know everything about risk management.
Give importance to Privacy and information
If you are running starting a business, it is your responsibility to maintain the privacy of your customer. And you can protect your customer’s privacy by following state and national privacy laws. But, to do that, you need to read and know about privacy and information management.
Know About the Contracts
As contract laws are complex, you need a solicitor to develop a standard agreement for the business. This will reduce not only the confusion but also the costs. It is also vital that all the parties must agree to enter into the contract.
For instance, a contract of sale will have all the essential information about exchange of goods and/or services from the seller to the buyer for a specific amount.
Tackle Health, Safety and Environment (HSE) Issues
Your business must have a positive and responsible attitude towards the HSE issues. Being an employer, this is your responsibility to take care of the safety and health of your customers, staff, and the public, according to the Work Health and Safety Act 2011. To address the environmental issues, you must know about the environment and the business.
HSE issues are problems like workers' compensation, safety at the construction sites, safe handling of food, security concerns and ergonomic requirements. The more you will learn, the more you will be capable of keeping your workplace safe.
Legal requirements checklist
Before you start your business in Gold Coast, Brisbane or Queensland, you should look for legal advice. You can discuss your policies with your solicitor or any other specialist advisers.
Not only that, you must review your legal requirements time to time to make sure everything is up to date, and there is no loophole. Do not forget that like your business, rule and laws may also change over the years.
People planning to start a business or already running small businesses can seek free legal advice from Bond University's Bond Law Clinic. You can know about things like paying transfer duty when buying a business. Also learn about industrial relations, including awards, agreements and minimum wages.