Quiz Flashcards
Who owns copyright when first created?
By default the person who created the copyright material. However, if an agreement is signed then it gets assigned e.g. IP agreement.
Legal entity type recommended for most people starting a business, which has limited liability?
A company – limited liability means they’re not personally liable.
Type of information that privacy law regulates?
Personal information, information about you.
Who is legally responsible for how a company is run day to day?
Board of directors.
Type of agreement signed with a professional services provider?
Services agreement – A business that provides services and advice is required to sign a services agreement which outlines T&Cs, milestones and cost etc. e.g. lawyer.
Types of insurances a new business should consider?
All types of insurance relevant to that business. E.g. Workers compensation, cyber, professional indemnity etc.
Types of intellectual property?
Registered patents, registered trademarks and registered designs – Registered domain names are not types of IP.
When the best time is to create privacy policy & privacy notice?
When the business is first created.
When should terms and conditions be on the website?
As soon as the website is published
Type of agreement someone who is only a CEO would sign?
Employment agreement however, if the CEO has shares then they’d also sign a shareholders agreement.
How to protect a secret food recipe?
Trade secret - an intellectual property right on confidential information.
Key consideration if your business is providing professional services?
Occupational licensing - is government regulation of the conditions under which someone can practice an occupation. In Australia, there are a large number of licenced occupations, for example, doctors, solicitors, electricians, plumbers and hairdressers.
Best way to protect confidential information?
NDA/ Non-disclosure agreement/ Confidentiality agreement
Legal consideration unique to a food business?
Food safety regulations
Best way to protect a business’ brand?
Trademark registration - is a type of intellectual property (IP) right that protects a business’s unique brand, products or services.
Most important consideration when signing a property lease?
Whether the property can be used in the way the business intended to use it.
Who owns a company?
Shareholders
Standard way to receive investment in a company?
Sell shares in the company to investors.
What a cash flow statement is?
Summaries CF inflows and outflows from operating, investing and financial activities over a specific period.
What a balance sheet is?
A document that provides an overview of a company’s assets, liabilities and shareholder/owners’ equity at a specific point in time.
What a profit and loss statement is?
Also known as an income statement is a financial statement that shows a company’s revenue and expenses over a specific period of time.
Types of insurances
- Professional indemnity insurance - provide cover in the event of a breach of contract, or a mistake from professional services provided, such as a mistake made in the course of providing professional services or advice, or recommendations to a client.
- Product liability insurance - designed for businesses who are involved in the production, supply of sale of products to members of the public.
- Cyber liability insurance - coverage options to help protect the company from data breaches and other cyber security issues.
- Workers compensation insurance - covers your workers when they are working for your trade or business, and/or while acting under your instructions.
- Directors and offices insurance – liability coverage for company managers to protect them from claims which may arise from decisions and actions taken as part of their duties.
Types of agreements/ documents that founders should sign?
IP Assignment, shareholder agreement, NDA/ Non-disclosure agreement.
