You are considering starting a professional services business in the finance industry (pick one) with some of your colleagues. You are preparing a business plan and it is decided that you will be the one to research your financial legal obligations for your business. For this question you should consider

What are the legal obligations for not only yourself personally as a practitioner, but also the firm in managing its employees?

Licensing obligations (if any) to start your business and remain in good standing

Duties and legal obligations to your clients or customers.

Reporting obligations to any applicable regulators (if any)

Possible policies and practices to encourage ethical behaviour beyond what is required by law.

Please Note: It is expected that answers will differ significantly for this question. Whilst some of these dot points may not be necessary, students should make this clear (e.g 'there are no disclosure obligations for our business). Students might also wish to include some of their own headings where appropriate.