lecture recording on 13 March 2025 at 09.55.53 AM

Introduction to Business and Law

• Understanding the functional aspect of business in relation to law

• Ordinary citizens may face legal issues, but business owners must navigate complex regulations

• Business owners classified as sophisticated entities requiring knowledge of laws

Importance of Legal Compliance

• Avoiding Penalties: Compliance helps avoid fines and legal repercussions

• Reputation Management: Maintaining a good business reputation is vital to consumer loyalty and trust

• Examples of businesses losing reputation due to legal issues highlighted in the news, affecting stock prices

Australian Political Institutions (APIs)

• Definition: Organizations that create, enforce, and interpret laws in Australia

• Major institutions include:

  • Parliament: Central legislative body

  • Regulatory Agencies: Such as the Australian Competition and Consumer Commission (ACCC)

Practical Business Considerations

• Creating a business model for skincare company project

• Importance of accurate marketing claims, e.g. avoiding false advertisement claims

  • Misleading claims can lead to legal issues with authorities like ACCC

Structure of Government and Law

• Separation of Powers: Divides government responsibilities into three branches:

  • Legislative: Makes the law

  • Executive: Enforces the law

  • Judiciary: Interprets the law and resolves disputes

• Constitution Coverage: Covers federal and state; local councils operate under state regulation

Business Location and Regulations

• Importance of identifying the right regulations for business location

• Understanding local and state government regulations

  • Local councils govern specific areas; businesses must comply with local laws

Activity Overview

• Write a 200-word description of a business concept, covering:

  1. Products Offered: What will you sell?

  2. Operational Details: How will the business run? Location justification required.

  3. Sustainability Practices: Outline how to integrate sustainable practices into the business model.

Resources for Business Regulations

• Review Australian Business License and Information Service (ABLIS) for relevant regulations

• Use ABLIS for comprehensive information on business licenses, planning, and legal aspects.

Assessment Preparation

• Write your assessment as a business report, not an essay

• Include headings, subheadings, and specific regulatory aspects

• Identify and discuss one regulation from each level of government: federal, state, and local

• Double-check the regulations selected for accuracy and relevance

Final Thoughts

• Importance of verifying the correct and most up-to-date laws relevant to your business

• Encouragement to seek guidance for clarity on regulations, and note that the next focus will shift to economic concepts in the following sessions.