Your task

Decide on the business structure for your business. What are the legal implications and risks associated with this decision?

What licences are necessary to operate your business? What steps do you need to take to apply for these licences? Do you need to register your business name or apply for trademark registration? What insurance will be necessary to protect your business?

Prepare a summary of the laws that apply to your business.

Outline the systems you will use to make sure you are complying with these laws.

Prepare a record keeping system to support your compliance with laws that apply to your business (eg taxation, employment, WorkCover/workers compensation). If you already have a business in operation present some example documents.

You may use one of the 'Example businesses' for these tasks if you do not have your own small business.

Tips

Explore the topics to find out about different aspects of the law and how they relate to your business.

Try the activities to research further in relation to your business or to develop your understanding of the topic.

Discuss your financial plan with other learners and compare different strategies to identify an approach that suits your business.