Establish legal and risk management requirements of small business
This unit describes the skills and knowledge required to identify and comply with all regulations affecting the business. It applies to individuals operating a small business who use analytical skills to interpret legislation and regulations and develop procedures to manage compliance.
The elements and performance criteria are:
1 Identify client fitness requirements.
1.1 Identify and research possible options for the business legal structure using appropriate sources.
1.2 Determine legislation and regulatory requirements affecting operations of the business under its chosen structure.
1.3 Develop and implement procedures to ensure full compliance with relevant legislation and regulatory requirements.
2 Comply with legislation, codes and regulatory requirements
2.1 Establish systems to ensure legal rights and responsibilities of the business are identified and the business is adequately protected, specifically in relation to work health and safety (WHS), business registration and environmental requirements.
2.2 Identify taxation principles and requirements relevant to the business, and follow procedures to ensure compliance.
2.3 Identify and carefully maintain legal documents and maintain and update relevant records to ensure their ongoing security and accessibility.
2.4 Monitor provision of products and services of the business to protect legal rights and to comply with legal responsibilities.
2.5 Conduct investigations to identify areas of non compliance with legal and regulatory requirements, and take corrective action where necessary.
3. Negotiate and arrange contracts
3.1 Seek legal advice on contractual rights and obligations, if required, to clarify business liabilities.
3.2 Investigate and assess potential products and services to determine procurement rights and ensure protection of business interests where applicable.
3.3 Negotiate and secure contractual procurement rights for goods and services including contracts with relevant people, as required, in accordance with the business plan.
3.4 Identify options for leasing or ownership of business premises and complete contractual arrangements in accordance with the business plan.
4. Identify and treat business risks
4.1 Identify potential internal and external risks to the business.
4.2 Assess the probability and impact of identified risks.
4.3 Prioritise risks for treatment.
4.4 Develop actions to mitigate risks including identifying insurance requirements and adequate cover.
- Assessor Guide / Benchmarks (44 pages);
- Learners Assessment Workbook (29 pages);
- Powerpoint Slides (118);
- Supplementary Notes (7 pages); and,
- Assessment Matrix
Price: AUD $370 + GST
These resources are based upon Innovative Business Resources Learner Resource for Small Business Mangement and New Small Business. You can purchase them online here.