Business Compliance

Essay by lucyhislopUniversity, Bachelor'sB-, October 2014

download word file, 6 pages 0.0

Design Practice - Assessment Task 2!! Business Start Up Compliance!!!! 'Den' is a digital library that takes the form of a software application whose purpose is to provide a new forum for magazines and publications that have either ceased business or have been forced to downsize due to the steady decline of print media. !!! Business Structure! 'Den' will be practicing under a partnership business structure. A partnership is "relationship which exists between persons carrying on a business in common with a view to profit. It involves an agreement between two or more parties to enter into a legally binding relationship and is essentially contractual in nature" (Partnership Act 1892, NSW). This type of structure is suitable for the type of business practice we wish to establish in terms of initial costs, legal issues and also financial demands. !! The partnership structure is regulated by state law, through the Partnership Act 1892. The business will be practicing in the state of New South Wales and would adhere to such laws accordingly. Formal partnership contracts will be produced in order to ensure the safety of the business as well as the safety of each individual partner. These contracts will state the responsibilities of each partner and cater to each individual in order to reduce the potential for disputes in the later stages of the business. It will also cover what will happen to the business if the partnership structure is compromised; for example, the retirement or death of one of the partners (NSW Fair Trading, 2014).!!! Registering for an ABN and Tax File Number! The ABN (Australian Business Number) is a individual 11 digit identification number that allows one business to deal with another. For example, "you generally need to put your ABN on your invoices, or other documents...