Small Business Start Up Requirements Essay

1419 words - 6 pages

TO: (Insert Name) DATE: (Insert Date) RE: Business Setup Requirements INTRODUCTION With starting and setting up a new small business, many tasks and requirements must be undertaken. These requirements allow the organisation to operate legally, without infringing on others ideas, products or names. Below, many of the tasks are listed and explained, for your benefit and convenience.STATUTORY REQUIREMENTS Before your small business can commence operations, there are a number of Statutory Requirements, which must meet. First of all, it is required that you register your workplace. This involves filling out an application form. The form requires the business owner to state the type of business, which for you case, is an advertising agency; whether or not the business shall be operated from home; will there be any additional employees; and whether the business will be run as a sole-trader, partnership or company. A business name must also be registered (and is discussed later), and apply for an Australian Business Number (ABN). An ABN is the key to the new Tax System, allowing the Australian Taxation Office to identify you. Should the business earn more than $50 000 a year, you must also register for the GST.If the business does employ staff, an Award System must be implemented, which sets out guidelines relating to hours worked by staff, rate of wages, payment of overtime, and annual and sick leave. Also, a record book must be maintained, detailing times worked by staff.REGISTERING A BUSINESS NAME Unless you wish to use your own name as the business name, it is a legal requirement that the business name is registered. It is also required that the business intends to carry on within two months of lodging an application, and a business address must also be supplied.The process for business registration is as follows: -The business registration form (provided by the Office of Fair Trading) allows for the provision of four business names, which are processed in order, in the even that a business or company has already registered the same, or a similar name.-Once the business has been allocated a business name; you will be issued with a Certificate, with details of the proprietor(s) listed, the business name, and a business name number.-Registration processing can take up to three weeks if done through mail. However, registration can be processed immediately if done in person.Upon receiving a business name, it is required that the business displays the business name in a prominent position outside the business and on all business letters, invoices and receipts.Business name registration is effective for twelve months, from the date of registration. The initial registration fee is $95.40, and the annual renewal fee is $54.50.MAINTAINING LEGAL AND ACCOUNTING DOCUMENTS Maintaining legal and accounting documents is an important procedure. They help show proof of purchase, and help provide security. There is also a Federal Tax Law, which states a business must...

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