Society expects small business owners to abide by the laws of a country. Consequently, it is essential that they have a sound working knowledge of the laws that will affect their operations (so that they avoid penalties), and that they under- stand and accept the legal responsibilities they owe to all stakeholders. All levels of government impose legal responsibilities on small businesses, and these laws govern every aspect of the life of a business:
• When a business is rst established, a business name must be registered with the Australian Securities and Investments Commission (ASIC), unless the owner is trading under their own personal name, in which case registration is optional. Patents (exclusive rights given to an inventor in exchange for public disclosure of an invention) and trademarks (distinctive signs such as logos that help the customer identify a product or service) need to be registered with the appropriate federal government body. New business name registrations require an Australian business number (ABN), and a partnership or company requires its own tax le number. If the business is established as a company, it is required to register with ASIC to receive a Certi cate of Registration and an Australian company number (ACN).
• The acquisition and development of business premises will be in uenced by local government zoning and building regulations, as well as regulations relating to the position and size of signage. Fire regulations and parking regulations will also affect the layout and location of business premises.