08 Jun Know These Laws Before Starting a Small Business
Most entrepreneurs have little idea about the different laws that are applicable to their new businesses. In case the laws are not followed, the business can get into legal problems. The complaint can arise from your competitor, local people as well as whistleblowers. Therefore, it is of immense importance to know about the critical laws before setting up a small business. You need to be knowledgeable and hire a corporate lawyer to make sure that everything you do is never against the laws of the land.
Advertising and Marketing Law – Advertising and marketing hold the key to the success of any business. But it has to be made sure that your advertisement and marketing strategies do not break the applicable laws. Your advertisement claims should not be deceptive, your product labels should never be unlawful, and your email and telemarketing approaches are not harming anyone and comply with terms and conditions FTC guidelines.
Environmental Law – You have to make sure that your business operation is not polluting the local environment by any means. Before dumping the waste products of your factory, make sure you have the license and it is done according to environmental regulations not to disturb the ecosystem.
Intellectual Property Law – Protecting the intellectual property of a business is very important. It could be as simple as a business name or a logo to as important as the business idea, product or service. You need to file for patents and copyrights. Along with that, you have to make your employees and associates sign non-disclosure agreement not to spill out the secrets and private information of your business.
Employment and Labor Law – When you are hiring employees, you have to comply with certain laws like you need to have guidelines for preventing any type of harassment and discrimination. You have to define the minimum wages and working hours not to exploit them. There are many such parameters in the laws that you need to know and act accordingly.
Online Business Law – If you are operating your business in online mode which is the case in most of the businesses these days, these you have to follow certain laws to protect the interest of the customers and pay the taxes properly. If you fail to follow them, your business can face a shutdown and a huge fine can be levied.
Workplace Safety and Health Law – Safety in the workplace is a major issue and to run a business legally, you have to comply with the workplace safety and health law to create a healthy environment to work in. It may also involve training your employees to handle emergency situations and avoid the occupational hazards and have all the arrangements to face natural or man-made disasters.
Finance Law – Finance law provides the guidelines that a company needs to follow to prevent themselves from reaching a bankruptcy state, dealing with securities legally, and promoting fair competition.
These are some of the essential laws you need to know about and make sure your business comply with each and every one of them.
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