Running a business is not just about providing a product or service and selling it. Unfortunately it’s just not that simple these days!

It’s important for all businesses to have a trusted commercial law firm, like TY Lawyers in Chatswood.

Because from a legal perspective, there are many things you need to be aware of in the commercial world - one of them including commercial regulatory compliance and ensuring your business practices comply.

What Is Commercial Regulatory Compliance

Commercial regulatory compliance relates to the rules that exist in the business world that define how you can operate and manage your business, your employees and how your business interacts with other businesses, customers and stakeholders.

Staying abreast of legislative reform in commercial matters is also very important if you want your business to succeed and be around long term.

Ensure you have a trusted legal advisor to guide you along the way – a small business lawyer like TY Lawyers who are a commercial law firm in Chatswood, who have extensive experience in advising small businesses on legal matters.

Regulatory compliance exists for all industries in the commercial world - and some industries have more rules than others.

Either way, it’s important to be across what regulatory compliance exists for your industry, so you can ensure you’re meeting the standards and not breaking any laws along the way.

Some of the key areas for corporate compliance include:

1. Complying with Australian Consumer Law

Australian Consumer Law protects consumers and covers areas such as:

• Consumer rights and ways to deal with defective goods
• Product safety levels and guarantees
• Other minimum business practices

These are the minimum laws that exist relating to consumer law and consumer protection. A good commercial litigation lawyer in Chatswood can assist if you need guidance with a hiccup.

2. Complying with Australian Standards

Australian standards are developed by the ACCC (Australian Competition and Consumer Commission) and are legally enforceable. The ACCC sets out the mandatory and voluntary standards required for products and services to ensure safety and reliability.

Not complying to these standards isn’t wise, you can leave yourself open to commercial lawsuits and fines.

3. Comply with NSW Environmental Legislation

You need to ensure you and your business are complying with environmental laws covering water, land, air, noise pollution and waste management based on the applicable laws in your respective Australian state.

Some of the other key areas of corporate compliance include:

• Fair Work
• Competition & Consumer Laws
• Work Health & Safety Laws
• ASX Corporate Governance Principles
• Safe Harbour Laws

Penalties for corporate misconduct can and do occur.

Don’t want a fine? Get your business practices in order and ensure your employees are following them too.

Get your business practices up to date and get assistance from a small business lawyer in Chatswood.

Company Directors should be familiar with the laws, rules and frameworks that exist according to their industry, so as to not put themselves or the business at risk.

If you need a commercial litigation lawyer, a small business lawyer or a commercial law firm in Chatswood, look no further than TY Lawyers. 

Call TY Lawyers Chatswood on: 02 8007 0135.