Wednesday 2nd of February 2022
The governing authority puts business laws in place to ensure commercial entities operate fairly
...in the competitive landscape. These are also neede...
The governing authority puts business laws in place to ensure commercial entities operate fairly in the competitive landscape. These are also needed to protect the rights of business owners, employees and customers in different situations. Thus, whenever there is a legal dispute, these regulations help to find a solution.
Running a business requires compliance with several regulations, such as consumer laws, competition laws, product liability and environmental legislation. Thus, expert legal advice becomes indispensable for entities. Here is a list of legal business requirements that need professional guidance from specialised lawyers. Entrepreneurs should be aware of these obligations to avoid litigations and penalties
Start-up owners must familiarise themselves with the legal obligations of running a business and ascertain its structure to understand the tax liabilities. They must register for ABN, GST, TFN and PAYG Withholding. Also, they need to know the fair trading laws and regulations related to product labelling, displaying prices, trade measurement laws, secure card payments and more.
Besides, entrepreneurs must register their business names and acquire venture licences and permits. Also, they must inform the Australian Securities & Investments Commission if they wish to change the business name or location. These legal obligations can be completed with ease and accuracy with the help of a legal advisor.
Intellectual Property (IP) includes everything unique and original ideas, designs, processes and inventions that belong to your business. These are intangible creations that competitors can copy to emulate your success and snatch your customers. Thus, business owners need to safeguard these assets with the help of Intellectual Property Rights.
These rights include patents, trademarks, plant breeder’s rights, copyright, registered designs and circuit layout designs. A lawyer can help you if a competitor infringes your IP by copying the design. They assist with taking legal action against the infringer and resolving the dispute. If you have purchased a business for sale Perth, you must get the owner details of the IP updated to avoid any issues.
Businesses need legal services to draw up employee contracts with the required terms and conditions that comply with fair trading laws. They can prepare a template that can be used for all employees. Suppose there is a breach of the contract by the employee. In that case, the business owner must consult the lawyer before taking action because legal ramifications are associated, and it helps to manage risk.
Disgruntled employees and those the company has laid off may file a lawsuit in some cases. Entrepreneurs need a professional lawyer in such circumstances to represent them and find the best way to avoid getting the reputation of the business maligned. Their advice is also sought when an employee suffers from workplace injury and needs to be compensated suitably.
Businesses in Western Australia have to enter into several legally binding agreements, including lease contracts, supplier contracts, employee contracts and client contracts. It is essential to seek legal guidance before signing the dotted line because they help you understand the terms and conditions.
They help prepare the agreement and explain the jargon to ensure you are not getting into something you did not agree upon during the negotiations. Entrepreneurs can determine their rights and responsibilities and can negotiate on unfavourable terms to get them changed. Singing the contract without reading it can make you liable to penalties and litigation if you fail to fulfil the conditions. Thus, hiring a lawyer becomes a necessity.
Business owners who gather client information, such as their name, address, credit card number, etc., are obligated to protect the data from theft and misuse. The Privacy Act 1988 makes it a legal obligation for entities which have annual turnover above $3 million. Some businesses that have an annual turnover below $3 million are also obliged to adhere to the law in certain situations.
Entrepreneurs must adhere to legal advice to understand how to use and manage client information. Commercial lawyers provide assistance with the creation of a privacy policy that must be uploaded on the business website to maintain transparency about the use and handling of customer information. If the confidential data gets breached, you will need legal aid to resolve the matter.
Lawsuits that are filed by employees, customers, stakeholders, landlords and suppliers can be effectively handled by a commercial litigation lawyer. They help understand the consequences of the lawsuit and ways of resolving the dispute with minimum damage to the reputation of the business in Perth. Cyber security-related issues also need the guidance of legal experts to ensure the rights of all parties are protected.
They are experts in the field and ensure the business stays protected amidst the controversy. They help to understand the laws related to corporation disputes, debt recovery, property disputes, etc. They can also help the business to file a lawsuit in case of dispute or breach of contract and inform you about the cost of going to court to make an informed decision.
The common ways of business expansion include diversification or entering new markets to acquire new customers. These demand changes in the business and may need adherence to new legal formalities. For example, if you start shipping products internationally, you need to understand the export and import laws with the help of your lawyer.
Many entrepreneurs purchase Perth businesses for sale to expand, and they need legal help to complete the transfer and sign the sale contract. Similarly, when the business needs funding and offers a stake in the company to investors, they need legal advice before selling shares. They need to carry out legal research on the shareholder and ensure the company is not making a costly mistake by asking for funding.
Wrapping Up
Legal support is crucial for businesses to ensure compliance with the state laws in Western Australia and avoid breaking the law. It protects the business from getting trapped in lawsuits that can drain the entity. Thus, hiring a professional commercial attorney to get the required legal counsel in times of need is vital.
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