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Create a Small Business Legal Matters and Risk Management Plan

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Create a Small Business Legal Matters and Risk Management Plan

Create a Small Business Legal Matters and Risk Management Plan

Using the Business Plan Template from the www.business.qld.gov.au web pages about starting a small business, the student must modify the plan to reflect the topics as given in the assessment and to be used in the Marking Criteria. Only the Legal Matters and Risk Management Plan Section is to be handed in (ie not the unfinished empty pages from the Business Plan Template). The HEADINGS to be addressed in the Legal Matters and Risk Management Plan MUST include the following:

•             Description of risk contexts

•             Explanation of risk types

•             Details of risk categories

•             Legal requirements/approvals/permits

•             Risk assessment

•             Risk matrix, including identification of risks

•             Risk management plan

•             Risk treatments

•             Risk register

•             Details of contingency/succession plan

•             Details of relevant insurances

In addition it must be readable, using correct spelling and grammar using the headings above organised into a suitable business format using the Business Plan Template (modified).  Empty pages must be removed before submitting the assessment, so that only the relevant sections are given as required.

 

 

 

 

Materials to be supplied: NA

 

Work, Health and Safety: NA

 

Assessment Criteria:

Give a description of risk contexts?

Explain a range of risk types?

Give details of risk categories?

Give legal requirements/approvals/permits required for the small business?

Perform a risk assessment of the business?

Give a risk matrix, including the identification of risks for the business?

Create a risk management plan for the business?

Plan out risk treatments – to solve the problems raised in the risk assessment?

Create a risk register?

Give details of a contingency/succession plan?

Give details of relevant insurances?

Create a plan that uses correct grammar and spelling, whilst presenting the profile in a suitable business format using a modified form of the www.business.qld.gov.au Business Plan Template?

Instructions to Students

Students are using the lectures, classes, text & the www.business.qld.gov.au information to create their own business plan in a Microsoft Word report style document using the template to be modified from the website above.

 

Business Plan sections are worked on during the semester to compile a final Business Plan in conjunction with additional units of study to compile all sections of the business plan using the relevant information in each section of the plan.

 

It will be extremely difficult to pass these two units if you do not attend the classes.  The student should have access to a computer, the internet, text.

 

Evidence Required to be Submitted

A written business plan section with only the Legal Matters and Risk Management Plan is to be submitted for this individual assessment. It should be a approximately  8-10 pages.

 

Marking Criteria to Achieve a Satisfactory Result

For more information, refer to the Marking Criteria.

1.0   Legal matters and risk management

1.1    Business structure  

A business can be legally structured in several ways. Choosing the best legal structure for your business is one of the first and most important decisions you need to make.

1.2    Contracts, licences and agreements

You need to understand your legal rights and responsibilities as a business owner and know when to seek professional advice.

  • What licences, contracts or agreements currently relate to your business? Note any action required for each:

Licence/contract/agreement

Current status

Action

Operational licences, permits or registrations

 

 

Business purchase or sale contract

 

 

Franchise agreement

 

 

Plant and equipment purchase or maintenance

 

 

Advertising contracts

 

 

Distribution rights

 

 

Purchase or supply contracts

 

 

Service contracts

 

 

Loan/finance contracts

 

 

Agreements with customers and contractors

 

 

Cooperative agreements with other businesses

 

 

 

1.3    Intellectual property

Intellectual property (IP) can give your business its competitive advantage. Conducting an IP audit will help you find out what IP assets you have, and how you can protect them.

  • Briefly describe your IP assets. What protection do they have?

IP asset

Type of protection

Expiry date

Conditions of protection

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.4    Insurance

Choosing the right insurance will help you manage and reduce potential risks. You should regularly review and update your insurance, especially as your business grows or changes.

  • Describe your business insurance - including items and sums insured, premium paid and the frequency of the review of your insurance needs:

1.5    Leases

Before you sign a lease, you need to be confident that you understand and can meet all the terms and conditions.

  • If your business operates from leased premises, are you familiar with all the terms and conditions in relation to:

Item

Yes/No

 

Action

Lease terms and conditions

 

 

 

Rent payment provisions (advance, review, formula)

 

 

 

Term options and expiry dates

 

 

 

Assignment or transfer of lease

 

 

 

Permitted use and restriction

 

 

 

Location/zoning/real property description

 

 

 

Relocation or demolition clause

 

 

 

Body corporate details

 

 

 

Outgoings

 

 

 

Responsibility for repairs and maintenance

 

 

 

Trading hour requirements

 

 

 

Government and town planning regulations

 

 

 

1.6    Employees

As an employer, it is important for you to understand employment-related legislation and your obligations towards your employees.

  • Are you aware of your responsibilities in the following areas?

Item

Yes/No

 

Action

 

Superannuation

 

 

Workers’ compensation

 

 

Tax (PAYG and payroll)

 

 

Termination of employment

 

 

 

Industrial disputes

 

 

 

Workplace health and safety

 

 

 

Sex discrimination

 

 

 

Human rights and equal opportunity

 

 

 

Parental leave

 

 

 

Negligence

 

 

 

Holiday and long service leave

 

 

 

Employment contracts

 

 

 

Industry awards

 

 

 

Hiring apprentices/trainees

 

 

1.7    Financial

  • Are you aware of your legal responsibilities regarding:

 

Yes/No

Action

Liability and legal structure of business

 

 

Tax (GST, BAS statements, FBT)

 

 

Keeping statutory records and receipts

 

 

Customer credit policy

 

 

1.8    Risk management

Risk management is about preparing for internal and external scenarios that may directly affect your business:

 (L = low, VL = very low, M = medium, H = high, VH = very high)

Risk description

Likelihood

Impact

Priority

Preventative action

Contingency plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.   Legal requirements/approvals/permits

In terms of clothes retail business, there are many legalrequirementto be met.

• Worker’s compensation-accident insurance policy

• Work Health and Safety Act 2011

• Managing noise and preventing hearing loss at work code of practice 2011

• Employer Requirements- Superannuation Guarantee

• Fair Tax Sale of Goods 1896

• Trading Act 1989

• Retail Shop Leases Act 1994

• Import Controls

• Mandatory Consumer Standards

• Approval to erect advertising signage/Portable devices(Sunshine Coast)

• Australian Business Number (ABN) Registration

1.    TFN Application/Enquiry-Individual

• Duties Act 2001

• Australian and International Standards Information Sheet

• Mutual recognition of occupational licence or certificate of registration

• Queensland Civil and Administrative Tribunal

• International Arts Partnership Program

          • Market Research Kit

• Online Business Learning

• Product Recalls Directory

• Queensland Government Agent Program

• Small Business Mentoring Service•   Statistics Data and Advice

 

 

 


 

1.9    Legal and ethical trading

Legal and ethical conduct protects your business from legal risks but also builds a strong reputation and earns long-term customer loyalty.

1.10  Conclusion


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  • Title: Create a Small Business Legal Matters and Risk Management Plan
  • Price: £ 99
  • Post Date: 2018-11-06T11:10:26+00:00
  • Category: Assignment
  • No Plagiarism Guarantee
  • 100% Custom Written

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