You should consider the importance of Australian business law for your business for several reasons. For starters, your legal structure should be flexible to accommodate future changes in circumstances. You should ensure that your business structure offers adequate asset protection, opportunities for legitimate tax reduction, and efficient distribution of profits. Finally, your legal structure should be able to reflect the way you run your business, including its relationship with other people. Here are four of the most important reasons to have a legal structure in place for your business.
Protecting intellectual property (IP)
Australia offers a range of IP protection options for innovators, ranging from patents to multilateral agreements. A recent case of the Gardasil vaccine, developed by University of Queensland scientists Ian Frazer and Jian Zhou, is a good example. In the US, a patent was filed for a similar vaccine. Australians could beat the American patent largely because they had an acceptable provisional patent, and the US did not.
Australia has comprehensive IP laws that protect the branding associated with most business ventures. IP Australia, a Commonwealth government agency, is responsible for administering the system. Trademarks are protected under the Trademarks Act 1995 (Cth). Registered trademarks are letters, logos, sounds, packaging, and even elements of packaging. Trademark applications can take six to twelve months. During this time, Australian businesses should take measures to protect their trademarks.
Protecting consumer rights
The ACCC is responsible for enforcing the law on consumer protection. The ACCC’s Compliance and Enforcement Policy and Priorities outline the functions, powers, and priorities of the ACCC. These are reviewed and updated on an annual basis. These policy areas address various aspects of consumer protection, including reselling tickets. In addition, the ACCC’s website contains summaries of laws on consumer protection and guides for consumers.
Having a legal representative
If you are establishing a business in Australia, you will need a legal representative to ensure that your company complies with the rules of the Australian business law. This person will handle the formal paperwork involved in registering a business and signing important documents in Australia on your behalf. A legal representative can save you time and money while conducting business in Australia, but they must always act in your best interest.
The company’s directors appoint a legal representative through a notarized document that is submitted to the Australian Securities and Investment Commission (ASIC). The documents also record the rights and responsibilities of each member. Depending on the powers granted, the legal representative can make decisions about company affairs, enter into legally binding contracts, transfer large amounts of money, and more. A legal representative can also have liberal limitations.