Businesses need to be aware of relevant legal issues. Below is a selection of resources which can help you manage common legal issues:

• Trademarks and patents can be registered with IP Australia to protect your intellectual property in Australia. Intellectual Property can be an invention, trade mark, original design or the practical application of a good idea. It is often a creative or innovative edge that sets successful companies apart and as world markets become increasingly competitive, protecting your intellectual property has become essential. For more information, visit IP Australia.
  
  

• Deciding on the best legal structure for your business is an important decision as it can impact on taxation, liability of owners, succession, ownership issues and disposal of your business. Common business structures include:

  • Sole trader - a type of structure where the business has no separate legal existence from its owner. As a sole trader you will be responsible for the liabilities of your business.

  • Partnership - is a type of structure where two or more people start a business and can legally share profits, risks and losses according to terms set out in a partnership contract.

  • Company - is a legal entity separate from its shareholders. A director of a company has additional legal and reporting obligations.

  • Trust - is a relationship where a business is transferred to a third party who has legal control and has a duty to run that business to benefit someone else.

• Before you start a business you should consider the advantages and disadvantages of each type of structure. Your business structure can affect the safety of your personal assets and taxation, the continuation of the business upon ownership change and will determine what registration process you will need to undertake. For more information and advice, obtain a copy of the Tax basics for small business from the Australian Taxation Office. If you wish to form a company, contact the Australian Securities and Investments Commission (ASIC) and/or consult a business advisor, accountant or solicitor for advice.

• Understanding your business taxation requirements is vital. The Australian Taxation Office can assist you to comply with their requirements.
  

• Risk management is an important part of owning or managing a business. Risk can emerge from interest rate or price increases, changes in client spending, activities of competitors, loss or lack of skilled staff, changes to the insurance market or from inadequate insurance cover against litigation. Steps to take in order to manage your businesses risk include:
  
  
  • contacting an accountant or
  • contacting our regional centres to discuss your business' risk.
    
    
• Insurance is a vital and necessary part of operating a small business. Some forms of insurance are compulsory whilst other insurance requirements will vary considerably depending on the type of business you are in. It is important that you seek the advice of a solicitor, insurance broker or insurance company when assessing your business' liability. The National Insurance Brokers Association provides an online service where you can search for an insurance broker in your area.
  
  
• Employee legal obligations are:
• Workers compensation (WorkCover Queensland)
• Pay as you go (PAYG) withholding tax
• Superannuation Guarantee Scheme 
• Wageline - awards 
• workplace health and safety
• anti-discrimination legislation 
• employee terminations and resignations.

For new and existing businesses, the Business Resource Centre has reviewed a range of business books to enhance your management knowledge and skills.