Small Business Start-Up Requirements

Essay by PaperNerd ContributorUniversity, Master's May 2001

download word file, 6 pages 3.0

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...