Legal Compliance and Risk Management in Small Business

Small businesses, like all businesses, operate in an increasingly regulated environment. Increasing business regulation is being driven by public desire for greater protection of consumers, workers and the physical environment. These developments are occurring in a rapidly changing and increasingly complex society. Being in business, you need to comply with all relevant laws and regulations. Legal compliance avoids regulators imposing penalties and others suing for damages.

Legal Compliance and Risk Management in Small Business outlines the necessary steps for small businesses to take in order to prevent breaches of the law. It enables new businesses, firstly, to identify and implement all relevant regulatory requirements. It then delves into the intricacies of contracts, the legally enforceable agreements that create rights and obligations. Specific chapters focus on the need to negotiate and arrange contracts applying to work relationships, insurance cover, commercial leasing and other land dealings. It concludes by covering ongoing business compliance with legislative requirements relating to consumer protection, work health and safety, taxation procedures and business records.

Simultaneously, this book recognises the integral role that risk management plays in ensuring legal compliance. Aspects of risk management include structuring your business, managing daily operating risks, conducting periodic workplace health and safety audits, and arranging appropriate insurance cover.

The book includes short-answer exercises at the end of sections and quick quizzes at the end of chapters to test your understanding. It also includes a comprehensive glossary of terms and answers to the quick quizzes.

• Part A: Chapter 1 - The regulatory environment
• Chapter 2 - Business ownership structures
• Chapter 3 - Business regulation
• Chapter 4 - Ideas protection
• Part B: Chapter 5 - Contracts generally
• Chapter 6 - Work relationships
• Chapter 7 - Insurance cover
• Chapter 8 - Leasing and ownership
• Part C: Chapter 9 - Consumer legislation
• Chapter 10 - Work health and safety
• Chapter 11 - Taxation procedures
• Chapter 12 - Business records