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The laws surrounding new business formation in Carlton, Australia generally involve the structure of the business, legal requirements of the Australian Securities and Investments Commission (ASIC), and other important regulatory and tax considerations. The structure could be a sole trader, partnership, trust or company, each carrying varying degrees of obligation and liability. The ASIC oversees the registration of new companies and the adherence to corporate governance standards.
Setting up a new business comes with complex legalities, and this might need the expertise of a lawyer. Matters that require legal assistance can range from deciding the appropriate business structure, understanding the regulations that apply to your business, dealing with taxation and other financial implications, protecting intellectual property, and ensuring contracts with stakeholders are legally sound. A professional can also facilitate the business registration process with the ASIC and make you aware of your ongoing legal obligations as a business owner.
When forming a new business in Carlton, among your key considerations should be the Corporations Act 2001 – the primary legislation regulating companies in Australia. Other legal aspects to be considered are Victoria's state-wide Fair Trading Act 1999, which regulates business trading practices and the Australian Consumer Law which protects consumers. There are also employment laws to consider if you plan on hiring staff. Depending on the nature of your business, additional industry-specific regulations may apply. Businesses are also required to have an Australian Business Number (ABN) and to register for Goods and Services Tax (GST) if they meet certain conditions.
The fastest way to set up a business is as a sole trader. This structure is simple to set up and manage, and inexpensive due to the minimal regulatory controls. But, it entirely depends on your business needs, so consulting with a lawyer or accountant is advised.
Businesses with an annual turnover of AUD75,000 or more are required to register for GST. For non-profit organisations, the threshold is AUD150,000.
While it is possible to start a business without a lawyer, it's highly recommended to seek legal advice to ensure that you meet all legal, tax and regulatory responsibilities, and to protect your interests.
This entirely depends on your business needs, tax considerations, and personal liability. It's important to have these discussions with a lawyer so you understand the implications of each business structure.
Depending on the nature of your business, you may need to obtain specific licenses or permits to operate. For example, a restaurant would need a food business permit and a liquor license if it chooses to sell alcohol.
The Business Victoria website offers a wealth of information on starting a business, including a business start-up guide and resources to help you prepare a business plan. ASIC's website also provides information on registering a company and your ongoing obligations as a company officeholder. The Australian Taxation Office (ATO) website outlines your tax obligations as a business.
If you require legal assistance in setting up a new business in Carlton, it would be beneficial for you to consult with a lawyer or legal firm specializing in business formation law. They can provide you with advice tailored to your business needs and help steer you through the legal requirements of starting a business.
