Legal Considerations for Starting a Business - Desklib

Running head: LEGAL
Legal
Name of the Student
Name of the University
Author Note

1LEGAL
Task 2
Business is to earn profits.
The ownership structure is hierarchical in nature.
Benefit is that the work can be done smoothly. Problem is that it is authoritative in
nature.
Business will be located in Rundle Street, Adelaide
It is unlimited liability, as the owners are liable for the profits and losses.
Task 3
Liquor license, Workplace Health and Safety license and clean environment
Quarantine and employment permits.
Regulations regarding good service and better conduct with the employees.
The signs need to be displayed in a proper way so that customers can see it.
The registration of the business will be done Australian Securities and Investment
Commission.
The tax will be followed under the Australian taxation system.
The business will require an approval of the Fair Work Ombudsman.
Task 4
Supplier and property contract.
Offer, acceptance, consideration, mutuality of obligation, competency and capacity
and a written instrument are the 6 conditions in a contract.

2LEGAL
Real and personal are two types of property. Land and building belong to the real
property whereas stocks and insurance are personal property.
The property ownership will be real property for this business.
Task 5
General liability, theft, product liability, equipment breakdown liability, business
interruption and property contents liability are required for the business.
The cost of general liability will be 1500 AUD and breakdown liability will be 1000
AUD per year.
The insured value is 150000 and 200000 AUD for general and breakdown liabilities.
Utmost good faith is where the insurance contract has a legal obligation to act in the
best interest towards the company who is insuring itself.
Task 6
Fair trading is a movement that allows the company in giving a wider network of
suppliers to tend different type of customers.
False advertising is where the customers get misled regarding the products and
services that the company promises to provide them.
The company will make sure that the standards of the product will be met according
to the expectation of the customers.
The business will be competitive with respect to the price factor and not ry to damage
its reputation in the market.
Section 58 of the Trade Practices Act states that the payment is accepted without
delivering or inability to supply the materials that were ordered.