If you are starting or operating an Online Business, there are numerous rules and regulations that must be considered. These will impact on how you run your business and whether it will be profitable.
………… and your Risk level!
These considerations apply to any business but are even more critical to online businesses who face serious personal legal and financial risks created by the nature of the technology underpinning the “internet”.
The interactions over the “internet” are constantly creating particular challenges to established principles of law and business. The result is a state of constant change to the rules and regulations for online business which, if not understood, can translate into serious personal legal and financial risk.
The following is not intended to provide an exhaustive list of what should be considered by an online business operator but should provide a trigger to seek further advice:
- Do you have the right legal structure?
- Do you require an ABN? What about GST registration?
- Do you need shareholder or partnership agreements?
- What happens if the business “partnership” becomes acrimonious or someone wants to “get out”?
- What are the “Terms and Conditions” of your website?
- Where is your Website Disclaimer?
- Are you required to have a Privacy policy?
- Are you infringing someone else’s copyright, trademark or other intellectual property because of your business name, domain name or online content?
- Do you have any intellectual property? Have you protected that property?
- Are you giving your intellectual property away to your web designers, suppliers, customers, employees and others because you do not have proper confidential and other business agreement in place?
- Do you have the correct business strategy and delivery processes?
- Are you contravening the Australian Consumer Law?
- What are your payment and refund policies?
- How do you enforce your rights?
- Are your assets protected if you have a personal or business relationship breakup?
- Are all your assets at risk of claim by your creditors?
- What happens to your assets if you die or become incapacitated? Do they go where you want?
It is most prudent to consult with a legal, tax and business adviser who has quality qualifications and experience in law, finance, technology and business, especially one with years of experience in running a technology-based business.
Contact us for a confidential, no obligation meeting on how we can best assist you in starting or running your online business.