Compliance for business refers to the process of ensuring that your business and employees comply with the relevant laws, regulations, standards, and ethical practices which apply to your business.
For business owners, navigating this area of the law can be complicated but is essential to keeping your business open and thriving in the long run. Compliance ensures that your business runs smoothly and provides businesses with protection should issues arise.
Regardless of what area your business trades in or its structure, Dettmann Phair Lawyers Chatswood can assist you to ensure that your business stays compliant with the current laws, regulations, standards, and practices which apply to your business.
The following article will uncover a few helpful legal tips to help your business remain compliant.
Discover our commercial litigation page to see how we can make sure your business navigates the legalities as easily as possible.
Business structures
If you are in the early stages of setting up a business or are considering restructuring a business, selecting a business structure that best suits your current and future business needs is essential. We can assist you in deciding whether to operate as a sole trader, partnership, company or trust and ensure that you comply with the legal requirements relevant to each. We can assist with business plans and business registration. We can also advise and draft documents such as:
- Company constitutions
- Shareholders agreements
- Partnership agreements
- Trust deeds
- Joint venture agreements
- Business succession agreements
Director’s duties
If your business is run by a company and you are a director, it is important that you understand the special responsibilities you have to the company and its shareholders. As a director, you must ensure that the company complies with the relevant legislation and that the business operates at the highest possible standards. You must ensure that you:
- Makes decisions in good faith and for a proper purpose.
- Make decisions in the best interests of the company.
- Make full and frank disclosure in relation to any material personal interests you have.
- Keep proper financial records and ensure that the company can pay its debts.
- Maintain up to date financial records.
If a director does not meet their obligations under the Corporations Act 2001 and has been found to have acted negligently or dishonestly, penalties can be imposed by the Australian Securities and Investments Commission including significant fines, damages payments and even prison terms. If you need assistance understanding or complying with your duties as a director, we offer tailored advice and guidance to ensure that you and your company continue to operate in accordance with the law.
Employment
When you employ people, you have legal obligations. In New South Wales, federal legislation regulates most private employers and employees through the Fair Work Act and National Employment Standards although there is also state-based legislation which also applies to all employers and employees in New South Wales.
Generally speaking, this legislation creates duties which employers owe their employees. These duties include:
- Providing a safe work environment for all employees.
- Paying employees for the work they perform.
- Taking care to protect employees from bullying, harassment and discrimination.
- Providing information to employees about their rights and responsibilities.
- Ensuring you have workers’ compensation insurance for each person you employ.
An employment contract is an agreement between you and your employee setting out the terms and conditions of the employee’s employment. An employment contract cannot provide less than the legal minimum requirements set out in the National Employment Standards. Employment contracts provide clarity as to the rights and obligations of both the employer and employee and protect business owners from the risks associated with employment.
If you need assistance navigating federal and state employment law to ensure your business remains compliant, do not hesitate to contact us today. We can advise you as to your obligations as an employer as set out in the law or provide assistance drafting employment contracts to protect your business from the risk’s employment involves. If you are facing an unfair dismissal application, we can prepare a response for you and appear before the Fair Work Commission if required.
Compliance with competition and consumer laws
The Competition and Consumer Act 2010 is a national law which sets out how businesses trade with suppliers, customers and competitors as well as regulating areas of business such as advertising and price setting. The purpose of the Competition and Consumer Act is to provide consumers with protection and promote fair trading and competition. Part of the Competition and Consumer Act is the Australian Consumer Law which relates specifically to the treatment of consumers. Businesses supplying goods and services to consumers must guarantee that it is of acceptable quality, matches the description provided, is fit for purpose and meets any express warranties. We can assist you and your business to ensure compliance with the Competition and Consumer Act and the Australian Consumer Law in a number of areas including:
- Ensuring compliance with your obligations under the Competition and Consumer Act and the Australian Consumer Law.
- Providing assistance and advice if your business is investigated by the Australia Competition & Consumer Commission.
- Reviewing, negotiating and drafting business contracts.
- Acting in any commercial disputes, whether you are a supplier or consumer, relating to misleading and deceptive conduct, unconscionable conduct, unfair contract terms or restrictive trade practices.
Industry regulations
Your business may operate in an industry with specific regulations that apply. These regulations can be State-based or Federal and your business may need a licence, permit or approval to operate within that industry. For example the construction industry is regulated by the National Construction Code, businesses that serve alcohol may need a liquor licence and childcare centres require a service approval. Not only can we assist in helping you understand the regulatory requirements for your specific industry, if you are the subject of a regulatory investigation or are involved in enforcement proceedings as a result, we can represent you and your business to achieve the best possible outcome.
Although the above compliance considerations are general in nature, we understand that compliance for your business is unique and that specific legislation and regulations apply. Our commercially savvy solicitors can apply their knowledge of the law to understand the specific legislation and regulations that apply to your business and ensure that your business complies in all areas relevant to your business.
Forging Ahead: Secure Your Business’s Future
Navigating the intricacies of business compliance in Sydney is undeniably challenging. From establishing business structures to meeting director’s duties and ensuring adherence to competition and consumer laws, there’s an expansive spectrum of responsibilities to oversee. Yet, non-compliance isn’t an option.
At Dettmann Phair Lawyers, our commercial law firm in Sydney have over two decades of impeccable service in the industry, standing as a beacon of trust and expertise in this complex legal landscape. Led by the accredited specialist, Damian Phair, this seasoned team offers comprehensive legal support in ensuring that your business remains on the right side of the law. Their impressive track record in litigation and commercial disputes is further testament to their unwavering commitment to clients.
So, as business landscapes evolve and legalities get even more intricate, having our commercial litigators by your side ensures you’re not just compliant, but also poised for success. Remember, in the world of business, your legal partner can make all the difference.
Reach out to Dettmann Phair Lawyers and ensure your business’s legal health is in the best hands.
Call us today on (02) 9412 4500 or fill out our enquiry form online.
