If you have put in a lot of thought, time and money in trying to set up your new business startup in Australia, then it makes sense to do your homework and avoid making any legal errors which can pour all your efforts down the drain!
Remember, a legal blunder will not only create a mountain of paperwork for you, it can also lead to case hearings and even penalties, subjected by the authorities. You might also end up damaging the company reputation, driving away customers at a time, when you need them the most. So, what is the best strategy to deal with this problem? The foolproof way to avoid any chance of a case hearing or getting penalized for a legal violation is to make sure that you go by the book and don’t leave out any legal responsibility at all.
Prepare to set up a business which conforms to all legal liabilities and thus, avoid any legal issues in the future. This simple strategy will take some effort as you make sure that all your legal obligations are met.
Following are some important points to keep in mind, which will help you avoid fines and penalties;
Register Your Business and Avoid All Trademark Infringements
When you choose a name for your company, make sure that it is not registered by any other enterprise. Get your company name registered after making sure that it is available for use, and you are not getting involved in the act of trademark infringement.
Once your name is registered, get trademark protection for yourself.
Decide the Type of Business and Get It Registered
Incorporate your business and choose a type of business structure which will let you protect your assets as well. You can select the best form of business that suits you, and choose between partnership, sole proprietorship and Limited Liability Company.
Apply For a Tax ID Number
You will need a TIN (Federal Tax Identification Number) to make sure that your business is recognized as a separate legal entity. If your business is a sole proprietor, then you don’t have a legal obligation to get a federal tax number.
Your tax number serves as the identification number of your business, and helps the tax authorities to keep a close track of your business transactions.
Familiarize Yourself with Employee Laws
Working with employees makes you liable to fulfill all types of legal obligations, to ensure their safety and offering workable living conditions. You can ask for the help of a professional who specializes in employment law and learn about rules linked to self employment taxing laws, OSHA standards and regulations compliance, worker’s compensation law, health insurance along with different hour and standard wage requirements.
Get All Business Licenses And Permits
Every state has some specific business operating requirements, and most of them require getting a special license or permit to start your company operations in the region. You might require a state, federal or local license for your business.
You might also need permits for zoning and any land use, professional or occupational licenses, any health department permits or any sales tax licenses.
By making sure that you fulfill all these legal requirements, you can avoid all legal issues for your business in Australia easily.