Laws govern our society and make us function without chaos. It provides ways to solve issues that arise among individuals and entities. The general business law is not an exception.
Before making your business into a reality, you need to learn basic laws. Make learning about some basic laws a priority even before making your business plan and securing funds for your business.
In this article we will discuss the different types of general business law every entrepreneur should know and the reason why business lawyers are necessary.
What Are the Types of Business Law That Every Entrepreneur Know?
Before starting a business, you will need a business license. Call your local government to see how to apply for a business license and to know about zoning ordinances. For state licensing, go to the small business administration website for information.
2. Employment Laws
This refers to the different laws related to employment. This includes fair labor standard act; Federal equal employment opportunity laws; family and medical leave act; occupational safety and health act.
3. Workers Compensation
Most states require employers to cover their employees with workmen’s compensation. It includes employees if they get hurt at work or become ill due to exposure at the workplace.
4. Tax Laws
This governs laws about business taxation. To file your company tax, you need to secure an employer identification number. You may go to the IRS website to obtain your number. Uncle Sam wants you to pay taxes regardless of the size of your operation.
You need to study about tax laws about hiring employees. When you decide to hire employees, it affects your taxes.
5. Advertising and Marketing Laws
This law includes truth in advertising and marketing; Can spam act and telemarketing sales law.
The law requires truthfulness in advertising. Your claims in advertising must have proof especially when products are sold to children. Nobody should ever be misled in an advertisement.
Can Spam Act regulate all commercial emails? For those selling products by mail, phone or online you need to follow telemarketing rules as spelled out by FTC.
6. Online Business Laws
All business online is governed by FTC rules. This includes sales tax collection and international sales laws.
7. Privacy Law
You must keep sensitive information secure and keep data under lock and key.
8. Healthcare Laws
Healthcare laws drastically changed over the last few years. Study how the Affordable Care Act works.
9. Intellectual Property Laws
Protect your business name, symbols and logos by knowing the laws about intellectual property.
10. Finance Law
When your company hits a financial roadblock and encounters cash flow issues which may push you to file bankruptcy you have to familiarize yourself with the rules.
Importance of General Business Lawyers
Business Lawyers are crucial as they can help entrepreneurs from opening a business to closing a business.
Business lawyers will help explain legal issues involved with forming a business and registering a business for federal, state and local taxes. They will help entrepreneurs protect their business by obtaining a legal trademark.
These lawyers will help you draft binding contract agreements between you and your employees. They handle all other contracts involving your company.
Final thoughts. Before launching a business, an entrepreneur must be well versed with basic laws. Common business legal matters maybe complex, so you have to seek out help from business lawyers if required.