Why you must comply with the law even in a Small Business
The law (ASIC) enforces that a small business must comply under the laws whether you are a small business, business name or a registered company in Australia. As the business owner, you are responsible to comply with the law.
There are general legal obligations if you operate as a registered company. Company officers (such as directors and company secretaries) are responsible for complying with their personal obligations and ensuring that the company meets the legal obligations.
There can be certain additional legal obligations in certain industries and is important to check with your Commercial Law Expert.
If you fail to comply with the laws that apply to your business, the Law (ASIC) may take action against you, the company and/or the company officers. This may include issuing a warning letter, obtaining a court order and/or taking civil or criminal action. Upon this it is important to contact your Commercial Law Expert for immediate action. Do not delay on acting on this issue.
If you are unsure about these laws that apply to your company or industry it is important to contact your Commercial Law Expert to get the right information to avoid any penalties.