Introduction
A business must stay up to date with and follow all relevant laws during its establishment and operation. While there are legal bodies that monitor, govern and assist businesses in fulfilling legal requirements, it is ultimately the owner's responsibility to remain aware of the legal requirements for their business.
Task
Your Task:
- Working individually you will use the links provided to find an overview of the legal requirement for establishing a busniess.
- Read the questions carefully and follow the links to relevant web pages, to find the answer to the question.
- You must put the answers into your own words, including the question in your answer.
Process
Use the link provided, and navigate the website to respond to each question.
Part A: To answer questions, access the BV website via the link to begin your investigation: https://business.vic.gov.au
HINT: you may need to use external websites provided by BM
- Discuss why is registering a business name a legal requirement for starting a business.
- identify THREE restrictions for selecting a business name when registering the new business?
- Identify what Organisation a business name needs to be registered with?
- Identify characteristics of a business name that would increase the success of a new business?
- Identify FOUR registrations you need to start a new business?
- Propose what an appropriate domain name would involve for a new business.
- Define Trade Practice legislation.
- Discuss how businesses would comply with Trade Practice legislation.
- Discuss the importance of registering an appropriate domain name for a new business.
- Identify THREE record-keeping strategies.
- Discuss the importance of implementing efficient record-keeping strategies.
- To operate according to trade legislation practices, Identify THREE standards a business must comply with.
- Discuss the importance of complying with these standards identified in question 10.
- Define financial control systems.
- Outline two reasons why establishing a bank account is important for a business.
- Describe the purpose of Worksafe insurance.
- Identify when a business must register for Worksafe insurance. Are there any expectations?