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Business Compliance:

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There are many levels of compliance, from statute and regulation, internal company policies and procedure, then business best practice. There are corporate governance rules, which companies adopt for the regulation of their internal affairs. There are also the structure and powers of the principal organs of the Australian company, namely the board of directors and the members in general meeting and the company documents such that prescribed their duties and obligations. Furthermore, there is a legal framework that deals with directors' duties and liabilities. These include duties which typically arise when the board acts as a body, such as the duty of care and the duty to exercise fiduciary powers for proper corporate purposes. The stakeholders have remedies to enforce the duties and obligations of the directors and managers through shareholder remedies, a civil suit as well as statute and common law. Having proper legal and financial advice from a network of skilled tax and finance professionals may be immensely useful if you need advice regarding business compliance.

Businesses have certain disclosure and reporting obligations to various entities such as ASIC and the ATO. There are various accounting, auditing and access to corporate information requirements. Generally, the directors are primarily responsible for the company's accounting records and financial statements. Also the company's external auditor plays a particularly important role in corporate governance. The rationale behind the mandatory disclosure of financial and other information, reflects the philosophy that "sunlight is the best disinfectant", a concept of corporate governance. Professional legal advice from a Commercial Lawyer may be beneficial to ensure that you understand and address any business compliance issues.

 Business compliance also involves the company's corporate governance rules consist. This constitutes any provision in the Corporations Act designated as a "replaceable rule", which applies for the time being because the provision has not been excluded, modified or replaced, by a provision in a document adopted by the company, which the Corporations Act calls a "constitution"; and any provision in a constitution adopted by the company. Professional legal advice by a Commercial Lawyer may be advantageous to ensure that you understand the rights, liabilities and duties relevant to business compliance.

If you would like further information or wish to discuss your business compliance matter with us please do not hesitate to contact us by telephone on (02) 9233 4048 or by email to info@navado.com.au.

 

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