Explain the current status of Australian business law especially in the areas of contract law, torts and Australian consumer law. 2. Demonstrate a sound knowledge of the laws (both statutory and...

LAW10003 Law In The Commercial World Research Assignment
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LAW10003 – Law In The Commercial
World
Assessment Task 2 – Research Assignment
LAW10003 Law In The Commercial World Research Assignment
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Table of Contents
1. Introduction ............................................................................................................................. 3
2. Business structure .................................................................................................................... 3
2.1. Suggested business structure ............................................................................................ 3
2.2. Name for business ............................................................................................................ 4
2.3. Records for setting proprietary business .......................................................................... 4
3. Tax compliance ........................................................................................................................ 5
3.1. Registrations requirements as per ATO ........................................................................... 5
3.2. Books and records ............................................................................................................ 6
4. Contractual a
angements ........................................................................................................ 7
5. Intellectual property ................................................................................................................. 9
5.1. Intellectual property regimes ............................................................................................ 9
5.1.1. Branding .................................................................................................................... 9
5.1.2. Collective marks ..................................................................................................... 10
5.1.3. Geographical indication .......................................................................................... 10
5.1.4. Promotional materials ............................................................................................. 10
5.1.5. Information technology ........................................................................................... 11
5.1.6. Intellectual property regime for legally obtaining the right to use others assets ........ 11
6. Consumer law ........................................................................................................................ 12
6.1. Australian consumer law in travel agency ..................................................................... 12
6.2. Strategies to comply with consumer law........................................................................ 12
6.2.1. Consumer contract .................................................................................................. 12
7. Personnel management .......................................................................................................... 13
8. Conclusion ............................................................................................................................. 15
Bibliography ................................................................................................................................. 16
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1. Introduction
According to the given scenario, a known person with two of his friends wants to start a Travel
Agency business in Melbourne. This paper aims to evaluate various legal, structural, taxation
compliances that they need to follow to ensure successful running of business. Key area covered
under this paper includes business structure, tax compliance requirement, contractual agreement
process, intellectual property rights and processes and finally personnel management and legal
equirements.
2. Business structure
Prior initiating the business, three of the founding members are interested in knowing right
usiness structure; they aim to own business in equal shares, followed by appropriate name
selection and need for maintaining records to ensure legal compliances.
2.1.Suggested business structure
Recommended business structure is partnership for given scenario. Partnership business
structure involves two or more people doing business together with mutual interest and profit
sharing objective. It can of two types, general or limited. General partnership is one where all
partners are equally responsible for management of business as well as its debts and obligations;
there is no limitation on liability hold by any partner. However, in case of limited partnership,
partners hold limited liability as well as obligations. It can also consist of two types of partners,
general partners with unlimited liability as well as limited partners with limited liability in
proportion to investment made. Partnership business structure is governed under partnership Act
1958. For this business, it is advice to opt for general partnership, with equal share of
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profitability, duties and liabilities shared by all three partners. This business structure is easy and
inexpensive to establish, less number of formal documentation.
2.2.Name for business
Recommended name for travel agency business is Wheels and Wings. This name has been
through ASIC free company name check service, which states that at the time of extract, this
name is not identical to any name protected under provision of s147(1)(a) or (b) of the
corporation act 2001 on ASIC database (www.search.asic.gov.au, 2017).
2.3.Records for setting proprietary business
List of records that are required to be setup and maintained to meet legislative requirement for a
proprietary company are discussed below. ASIC analyzed and evaluated different requirements
from the corporation act 2001 to present books and records to manage legal compliance.
According to the corporation act section 286(1) it is mandatory for company to keep written
financial records that help in keeping record clearly to understand transaction and financial
health of the organization, it also aim towards ensuring true and fair presentation of financial
position. According to section 9 of the corporation act, financial records include all invoices in
egards to payment of money, receipts order, cheques, bills, vouchers etc. Further, proper
documentation of financial information must be made to ensure clear explanation of methods
used for financial statements calculations and adjustment made. Financial data can be kept
electronically also but they must be convertible into hardcopy as per section 288 of corporation
act.
Different books are records that company must be kept by proprietary company are as follow;
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Financial statements which include different books i.e. profit and loss statement, Balance sheet,
depreciation schedules, taxation return. Secondly General ledger, general journal, asset register
must be kept. Thirdly, computer back-up disc to ensure data protection. Fourthly cash records
such as cash receipt journal, bank deposit books, cash payment journals, petty cash books must
e kept. Fifthly, sales and debtor records such as sales journal, debtor ledger, invoices and
delivery dockets. Sixth work in progress records must be kept. Seventh, invoices and statement
eceived and paid, credit ledger and unpaid invoices. Eight companies must maintain registers in
context to members, options, debenture holder,...