Legal requirements for small business

Legal requirements for small business

You can’t afford to get wages wrong.

If you operate a small business using a business name, you have certain legal obligations.

    Here we outline what you need to do to comply with Australian law.

    Registering your business name

    If you intend to carry on a business under a business name, you must register the name. You do not need to register a business name if:

    • you conduct business under your personal name (e.g. John Smith)
    • you have a company and you conduct business under the company name
    • you are in a partnership and you conduct business under all of the partners’ names (e.g. Smith & Holt)

    If you trade under any other name, see registering a business name to find out how to make your business name legal.

    ASIC may also request information for the purposes of establishing or maintaining the Business Names Register. You must provide this information if requested.

    Registering a business name will not stop someone who has registered the name as a trademark from using it. Find out more about business names and trademarks.

    Changing or cancelling your business name

    You must notify ASIC within 28 days if there’s been a change to the details of your business name. Find out how to change your business name details or cancel your business name.

    Renewing a business name

    You must renew your business name before the renewal date to avoid it being cancelled by ASIC. Get more details on renewing your business name.

    If you become disqualified

    ASIC must be notified where a business name holder, or a person involved in the management of a business name holder, is disqualified from holding a business name.

    You can use ASIC Connect to notify us that you or a person involved in the management of a business name holder is disqualified.

    Using your business name in documents

    If you are conducting business with another entity, any documents you provide must include your business name and Australian Business Number.

     

    IF YOU NEED ASSISTANCE WITH SETTING UP YOUR BUSINESS OR YOU WANT TO DISCUSS YOUR LEGAL OBLIGATIONS PLEASE CONTACT US TODAY.

    Outwest Legal was established to bring high quality and cost effective, legal services to the Greater Western Sydney Region.

    The National Minimum Wage

    The National Minimum Wage

    You can’t afford to get wages wrong.

    As of 1 July 2021 the National Minimum Wage is $20.33 per hour or $772.60 per week.

      Paying correct wages is one of the hardest things for employers to get right.

      The National Minimum Wage applies to employees not covered by an award or registered agreement. This is the minimum pay rate provided by the Fair Work Act 2009 and is reviewed each year.

      Not only is there a base rate of pay, but there are often penalty rates, allowances, additional benefits for annual and sick leave. There are also requirements concerning commission payments in some industries and much more to take into account when an employer is calculating an employee’s pay.

      Different types of minimum wages

      Some employees have a different minimum wage depending on their employment type, age or work capacity. For more information about pay for these employees, visit:

      There are some awards with special pay rates, or that allow employers to make other pay arrangements. 

      IF YOU NEED ASSISTANCE WITH YOUR BUSINESS EMPLOYEE WAGE OR AWARD STRUCTURE PLEASE CONTACT US TODAY.

      Outwest Legal was established to bring high quality and cost effective, legal services to the Greater Western Sydney Region.

      TYPES OF BUSINESS STRUCTURES

      TYPES OF BUSINESS STRUCTURES

      What you need to know about business structures.

      Understand the key differences between business structures, so you can decide which structure is right for your business..

        Starting a business can be an exciting time. but knowing which business structure is right for you can be a little daunting. 

        Types of business strcutures to consider:

        • sole trader

        • company

        • partnership

        • TRUST

        • CO-OPERATIVE

        • JOINT VENTURE

        • Indigenous corporation

          Your can find useful information via the Business NSW website.

        WE HIGHLY RECOMMEND YOU SEEK PROFESSIONAL LEGAL ADVISE BEFORE YOU DECIDE.

          Choosing the right business structure can maximise tax opportunities and minimise risk, ultimately contributing to the financial success of your business.

          Aside from causing operational pain, the wrong business structure can literally cost hundreds of thousands of dollars over the life of your business.

          IF YOU NEED ASSISTANCE WITH YOUR NEW BUSINESS STRUCTURE OR YOU WANT TO SPEAK TO US ABOUT OUR BUSINESS OBJECTIVES PLEASE CONTACT US TODAY.

          Outwest Legal was established to bring high quality and cost effective, legal services to the Greater Western Sydney Region.