Legal Framework Assessment

Topics: Contract, Tax File Number, Taxation in Australia Pages: 20 (3053 words) Published: March 11, 2013
Table of Contents

1.2Legal Structure Options3
1.3Legal structure selected for Hatchy Ranch Pty Ltd3
1.4The legal rights & responsibilities, and regulatory requirements4 2.1Areas where business might be most at risk of breaching a requirement or law5 2.2System to ensure my business is covering its legal rights and responsibilities8 2.3Taxation Requirements10

2.4Legal Documents and Records12
2.5How to Monitor Aspects of Delivery of My Products/Services13 2.6List of the possible areas of non-compliance that could occur15 3.1List of Where to Seek Legal Advice on Contractual Matters15 3.2List of Products or Services and Procurement Rights would apply16 3.3List of 3 people or Organisations who are Likely Have a Contractual Agreement with My Business, Explanations and Type of Commercial Agreement.16 3.4Key terms to negotiate with those contractual procurement agreements.17 3.5Steps to complete contractual agreement :18

3.6List of Insurances Needed and Cover My Business19
3.7Comparison between Leasing or Buying Business Premises20 3.8Summary21

2 Introduction

Hatchy Ranch is a business which is offering product of poultry, such as eggs and chicken meats. It applies a free range farming method which means growing and caring the animals by letting them live and moving freely on such an environment in order to get the best from the nature.

I want to do farming because I was motivated by a game called Harvest Moon : Back to Nature. This game is about a person who needs to develop his grandfather farm before it becomes a modern playground. Eggs and meats are examples of human daily needs which provide us protein and fat. Both are nutritions which very important for human growth and development.

This ranch will be established at Victoria, Heywood, where farming is growing and can be a best place because the environment provides richness of the nature such as land, water, fresh air, etc.

I took “Hatchy” as my business name because it has a unique meaning. Hatchy came from word “Hatch” which means born, like an egg hatch and a little chick born. Every new life usually bring happiness. I am willing to make something new and give the best to improve human and others being life so we can live happily.

3 Legal Structure Options

|Options for the business legal |Brief description of structure |Source of Information | |structure | | | |Sole Trader |The simplest form of business structure. | | | |It is also relatively easy and inexpensive| | | |to start and maintain. | | | | | | | |Involving two or more people (but no more | | | |than 20, with some exceptions) going into | | |Partnership |businesses together in order to make a | | | |profit. | | | | | | | |A separate...
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