If you’re interested in starting your own business, you’re in for an exciting, yet challenging ride. Once you’ve done your research, you’ll want to write up your business plan, decide your company structure, and get all of your legal requirements in order. The most time consuming of these tasks is obtaining the required permits and licenses needed to run your brand.
More often than not, small companies and independent contractors don’t willfully ignore laws regarding business. They simply are not aware of what may be necessary.
The following are a few legal things you’ll want to know about before you start your own brand- you’ll avoid any complications later.
It’s important that you note that this registration doesn’t give your new brand trademark protection. However, it allows you to create and use the name for advertising purposes without having to incorporate. If you decide not to register, you opt to default to the legal owner’s name. Specific registration rules vary from location to location, so research diligently.
only cases where you won’t register a DBA name is if you do operate under your
own name, no variation of it, or if you create an official business structure,
such as a corporation or an LLC.
your brand plans involve providing goods or services nationally or online,
you’ll want to get your company name trademarked. Simply having a DBA or
incorporated business name does not protect your brand in other areas or
countries where your business is not registered.
get a trademark, apply with your country’s government agency. Before taking
this step, conduct a thorough search to ensure that the name you want isn’t
already in use.
2- Other Registrations and Taxes
registering your business’s name, you need to register for taxes in order to
commence business operations. The first of these things you’ll need to deal
with, at least in Australia, is the Australian Business Number (ABN). Your ABN
is an eleven digit number that is unique to your business identifies your brand
to the community and government.
confirms your business identity as well as helps you avoid Pay as You Go taxes
on payments and claim GST and energy grant credits. This number also helps you
obtain an Australian domain name. Not every company needs an ABN, and the
government can refuse your application for a variety of reasons. Do your due
diligence to ensure that your future brand qualifies.
3- Fair Trading Laws
starting operations, you need to ensure that you’re aware of the fair trading
laws of Australia, or similar regulations in other countries. These laws ensure
that trading is fair for your company and your customers. The main law
regarding fair trading is the Competition and Consumer Act 2010 (CCA).
CCA covers the majority of aspects you’ll encounter in the marketplace. It
deals with customers, competitors, suppliers, retailers, and wholesalers. It
also deals with:
Industry codes of practice
Unfair market practices
The regulation of industries
you feel uncomfortable with fair trading laws and how they may apply to your
situation, consider contacting an expert in business
The Bottom Line
small brand owner, it’s your responsibility to be familiar with the laws and
regulations that govern how your company operates. With this knowledge, you’ll make
sure all your bases are covered before you even open your doors, and avoid
penalties that could cost you thousands. When it comes to managing a small
business, thorough research pays off!
About Author: Steve Nelson
Freelance content marketing specialist; core expertise include content strategy, massive content development, syndication and content flow design focusing lead generation. I have delivered successful campaigns to a big list of small businesses in the US and Canada. On the other hand, I help publishers to better monetize their content.