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Top 10 must knows – Week 1B

Top 10 must knows – Week 1B. Name the different types of common business structures. 2 long time work colleagues wish to go into business together. Which structure would you suggest? With wot does a formal business structure provide you?

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Top 10 must knows – Week 1B

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  1. Top 10 must knows – Week 1B • Name the different types of common business structures. • 2 long time work colleagues wish to go into business together. Which structure would you suggest? • With wot does a formal business structure provide you? • Why do you think franchises are a popular business structure? • Does registering a business name give you the ability to trade as a business? • T/F – Registering a name is as easy as selecting one. • The law expects directors to be h_____ & c_______. • Trademarks are important bec. they d____ & i____ the bus. • Why wouldn’t you establish a public company if you could get instant access to capital/ finance? • T/F - Trusts which trade are not common due to the power given to external trustees. TAFE SIT Ultimo T.Kramer Spring 2008 Week 16, 17

  2. Legal Responsibilities What you need to know SI Ultimo TK Spring 2010 - Week 2

  3. What IS IT ALL ABOUT? .. • The entity • Registration • Licences • Certification • Permits • Insurances • Contracts • Selling on the internet SI Ultimo TK Spring 2010 - Week 2

  4. Laws covering business behaviour in NSW State • Fair Trading Act 1987 Federal • Trade Practices Act 1974 SI Ultimo TK Spring 2010 - Week 2

  5. Business Name RegistrationBusiness Names Act 1962 • It covers applications for: • ABN • TFN • GST • See Business Licencing Information Service (BLIS)NSW Office of Fair Trading SI Ultimo TK Spring 2010 - Week 2

  6. What is the diff;ABN and ACN ABNsare administered by the ATO • An ABN is a unique number used to help simplify dealings with most government departments and the ATO (Tax Office) • ABN Lookup .. www.abr.business.gov.au ACN - You require this registration if you intend to operate a business as a company in Australia. An Australian public or proprietary company comes into existence when it is registered by the Australian Securities and Investments Commission (ASIC). SI Ultimo TK Spring 2010 - Week 2

  7. What is a Licence The NSW Business Licence Information Service (BLIS) uses the term business licence very broadly to refer to any form of government regulation, registration, permit or approval which applies to a business. SI Ultimo TK Spring 2010 - Week 2

  8. Licences Different sectors of the industry require difference licences. Refer to these organisations for help: • Department of Fair Trading • Tourism Australia • Tourism NSW • Industry bodies • EG: ITOA, AFTA, IATA, AHA SI Ultimo TK Spring 2010 - Week 2

  9. Examples of Licences • Licence to carry passengers for reward • Tour operators licence • Travel Agency licence • First aid certificate • NPWS licence to use park areas • Food safety licence SI Ultimo TK Spring 2010 - Week 2

  10. Permits • Approval to erect advertising signage • Permit to enter national parks • Permit to visit historical sites • Permit to enter/cross Aboriginal and Torres Strait Islander lands • Marine Park permits • Waterways Permit for boating activities • Whale watching permit

  11. Other set up requirements • Initial accounts • Registration of a Trade Mark • Administered by IP Australia • Vehicle registration – commercial !! • Directors’ or personal guarantees • Competition rules – ACCC • Unconscionable conduct • Predatory pricing SI Ultimo TK Spring 2010 - Week 2

  12. Contracts • Lease agreements • Telephone and internet services • Employee agreements • The supply of financial services EG: overdraft; • With suppliers • Admin services EG: photocopying, email; • With professional services providers EG: accountantsand lawyers • With customers. SI Ultimo TK Spring 2010 - Week 2

  13. Insurances • Public liability insurance • Professional Indemnity insurance • General insurance – theft & property etc • Vehicle insurance • Key man - Loss of income insurance • Workers compensation insurance • Risk protection • Internet Liability OAMPS Insurance Brokers specialist industry agents has TRIP (Tourism & Recreational Insurance) SI Ultimo TK Spring 2010 - Week 2

  14. Other Legal Compliance • APRA – performing arts licence • OH&S compliance • Liquor licence for events • GST registration • Workplace Diversity SI Ultimo TK Spring 2010 - Week 2

  15. Employer Requirements • Superannuation Guarantee – ATO • OH&Srequirements – Work Cover NSW • Fringe benefit tax • Registration as PAYG withholder • Workers compensation insurance • Payroll tax registration SI Ultimo TK Spring 2010 - Week 2

  16. Travel Compensation Fund • The TCF monitors the financial security of all licensed travel agents in Australia • Companies lodge financial status annually for review • helps guard against failure  • A protection for end consumers • Compensates for lost monies SI Ultimo TK Spring 2010 - Week 2

  17. Selling on the internet • The Australian Guidelines for Electronic Commerce - March 2006 • Guidelines • Do not supersede the legislation. • Seek to clarify business behaviour on the internet • Privacy • Business identitiy • Contract terms and disputes • Advertising and marketing • Register and search domain names www.auda.org.au. • Must be directly derived from your business name. SI Ultimo TK Spring 2010 - Week 2

  18. Online • Business Registrationwww.sd.qld.gov.au/dsdweb • NSW Govt consumer protection : www.fairtrading.nsw.gov.au • NSW Govt. online licencingwww.licencedft.nsw.gov.au • .au Domain Administration Ltd (auDA). Administers .au domain name registrations www.auda.org.au • NSW Govt. Small business sitewww.smallbiz.nsw.gov.au/smallbusiness/Starting+in+Business • ACCC site: www.accc.gov.au • Trademark & intellectual propertywww.ipaustralia.gov.au • National Names Index www.asic.gov.au • ABN Lookup .. www.abr.business.gov.au SI Ultimo TK Spring 2010 - Week 2

  19. Some critical business skills: • Business planning • Problem solving • Financial management • Marketing and sales • Communication • Time management • Dealing with people • Negotiating SI Ultimo TK Spring 2010 - Week 2

  20. What’s the GOST?The context for planning. TAFE SIT Ultimo SA TDK Autumn 2010-- Week 5

  21. Goals and Objectives TAFE SIT Ultimo -AG TDK Autumn 2010 - Week 3A

  22. Good Objectives Must Be: • brief • clear • flexible • accurately defined • importantenough to help reach goals • SMART • compatiblewith corporate goals. • help set direction TAFE SIT Ultimo -AG TDK Autumn 2010 - Week 3A

  23. Top 10 must knows – Week 2A • What options are available to start or purchase a business? • Business registration covers applications for A _ _, T _ _ & G _ _. • What is the diff bet ween an ABN and an ACN? • Why are legal requirements listed in a Business Plan? • T/F – Communication of a BP needs to be ongoing and truly long term. • What are some examples of licences required in the travel and tourism / Events industries? • What are some examples of permits required in those industries? • What are some examples of contracts required in those industries? TAFE SIT Ultimo - T.Kramer Spring 2009 - Week 2B

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