FIRM FOUNDATIONS
When starting any business you have a number of tax obligations, but if you are running a franchise from home you will have some more specific considerations. Your business structure will impact your entitlements, tax implications, liability limitations and reporting obligations, so start by investigating the advantages and disadvantages of acting as a sole trader, partnership, trust or company.
BlueRock Law
WHAT INSURANCE WILL I NEED?
Public liability – particularly if you have clients that come to your home as part of the business. Professional indemnity – which helps cover the cost of litigation.
Product liability.
WHAT LICENSES AND REGISTRATIONS WILL APPLY?
There are different regulations that govern working from home depending on your state, territory and local government. These will vary according to your location and industry.
The impact of your business on the surrounding area is an important consideration. If you reside in a predominantly residential area you may need to obtain special permission.
It’s highly likely that you will need a range of permits relating to zoning, signage, noise levels, health issues, pollution, energy use and parking.
DO OCCUPATIONS HEALTH AND SAFETY OBLIGATIONS STILL APPLY?
These are still important even though you are a home-based business.
The requirements will vary depending on who is impacted by the at-home set-up. Is it just the owner, are their staff, will customers and suppliers be visiting the home?