Knowing the law when starting your business

A question most people have when starting a business is “how do contracts work?”. It’s simpler than you’d think, and we’ll show you right now!

 

General Business Laws

There are various laws surrounding businesses that are ESSENTIAL. You may be aware of registering with an ABN, TFN, having a website domain and more. There are also privacy laws and employment laws you’ll have to understand.

These are all comprehensively summarized at business.gov.au.

 

Fair Trading Laws

In Australia, when selling a product or service, adherence to fair trading regulations is essential, while consumers buying products or services have specific rights and guarantees. These regulations and laws safeguard both businesses and consumers from unfair trade practices.

These also vary across different states and territories, so find what applies to you at business.gov.au.

 

Contracts

Regardless what business you have, it’s HIGHLY likely you’ll need contracts.

Commercial contracts are different from employment contracts.

For Commercial contracts, there is a hirer, who engages a contractor. If you find yourself negotiating a contract, it’s important to prepare well beforehand, and understand what the contract should include.

Get a grasp of this here.