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Maylands, Australia, like other parts of the country, advocates for the growth of small and medium-sized enterprises (SMEs). The process of setting up a new business involves several legal steps which include choosing a business structure, registering the business name, obtaining relevant permits and licenses, and understanding tax obligations. It's necessary to have a comprehensive understanding of these legal requirements to avoid any legal complications in the future.
Establishing a new business can be a thrilling experience, but it can also bring about complex legal requirements. A lawyer can provide valuable advice in terms of choosing the appropriate business structure, ensuring you understand the various implications of each structure. They can also help with contractual agreements, leases, employee relations and potential legal disputes. Furthermore, a lawyer can provide assurance that all relevant business laws and regulations are followed to keep your business compliant.
Like other places in Australia, Maylands follows federal and state laws for business formation. Key laws to be aware of include The Corporations Act 2001, which governs how businesses can be formed, operated and wound up, and the Australian Consumer Law (ACL), which protects consumers and ensures fair trading. The local council of Maylands also mandates certain local laws, especially regarding permits and licensing. Thus, any business established must be compliant with these regulations.
The type of structure that suits your business depends on various factors including the type of business, its size, and your tax planning strategy. Common business structures in Australia are sole trader, partnership, company, and trust.
Yes, unless you're trading under your own name, you need to register your business name with the Australian Securities & Investments Commission (ASIC).
It depends on the type of business you're starting. These can include building and planning permits, health permits, and local council permits. You should check with the city council for specifics.
Australian Consumer Law imposes certain obligations on businesses. It's always wise to consult a lawyer about these obligations to ensure compliance.
Depending on the nature and scale of your business, various taxes such as goods and services tax, payroll tax, capital gains tax and fringe benefits tax may apply. Consulting with a lawyer or accountant can help clarify these matters.
The Australian Trade and Investment Commission (Austrade), Small Business Development Corporation (SBDC) and The Department of Industry, Innovation and Science offer several resources to assist you in starting up a new business. Moreover, it's wise to engage a solicitor to ensure legal compliance and smooth operation.
If you require legal assistance with business formation, it's recommended to engage a legal professional who specialises in business law. Without the right legal guidance, you may encounter difficulties or risks that could impact your business down the track. It's always beneficial to obtain proper legal advice from the beginning to set your business on the right path.
