4a Legal requirements for establishing a business

Question 1

What are the five requirements?

Answer 1

Registering business name 
Registering a website domain
Trade practices legislation
Business tax compliance
Work safe insurance

Question 2

What are the steps of registering a business name?

Answer 2

1. Decide on the business name
2. Follow registration steps listed on the ASICs website
3. Prepare your ABN or apply for one
4. Begin operating under the registered business name

Question 3

What are trade practices legislation?

Answer 3

Trade practices legislation is laws that govern how a business interacts with customers and competitors.

Question 4

What are guarantees and warranties?

Answer 4

Guarantees are promises that a business makes to customers regarding a good or service.

Warranties are a type of written guarantee that a business will repair or replace a faulty product if required within a specific time period

Question 5

What is tax compliance?

Answer 5

Tax compliance is the extent to which an individual or business meets tax obligations.