So you’ve taken the leap and turned your business idea into a reality. You couldn’t be more excited about what the future holds for you and your small company. However, despite being a fully fledged business owner, you can’t help but wonder what areas you still aren’t entirely up to date with, after all, there’s a lot that goes into launching a business.
Studies have shown that when it comes to new businesses, the most common thing that is not taken as seriously as it should be is business law. Far too many small business owners fail to take the rules and regulations in place for businesses seriously, which means that often they end up accidentally breaking one of these rules and putting their business and future in jeopardy.
Don’t like the idea of being one of these business owners who isn’t clued up enough when it comes to media law? Don’t stress, just because you aren’t clued up now, that doesn’t mean that you can’t learn everything that you need to know to be able to run a highly successful small business that works within the boundaries of the law.
To help guide you to stay within the law, below are some useful tips and pieces of advice regarding the law and running a successful business. Hopefully, this should help you to gain the insight that you need into how to ensure that your business is running within the law.
Licensing
In most areas, to legally launch a new business you will be required to hold a business license. If you’ve already started your small business, then the chances are that you already have a license in place. Of course, not all business types require a license, it depends on a wide range of variables, so if you’re unsure whether your business requires a license, it’s worth taking the time to double check with your local authority. The fact is that not only does properly registering your company ensure that you remain on the right side of the law, but it also entitles you to a wide range of useful benefits.
Business contracts
Business contracts are a vital part of many aspects of running a successful company, and for this reason, it’s crucial that you understand how they work properly. Because the truth is that if you don’t take advantage of business contracts and their many benefits, you could end up losing out. The fact is that business contracts are there to protect both parties in any agreement, whether that’s a contract of employment or a contract of business partnership it doesn’t matter, a contract is what should be used to protect both parties’. A word to the wise regarding business contracts, if you require a contract to be drawn up, work with a business contract lawyer who knows what they’re doing. Never try and create a contract yourself, as the chances are that you’ll end up leaving loopholes.
Employment laws
There are a large number of rules and regulations in place regarding employment laws, from laws about fair opportunities to occupational health and safety laws, employment law can be a total minefield. However, as a business owner, if you are going to be employing even one team member, it’s vital that you are clued up when it comes to employment law. Otherwise, you could end up getting yourself (and your business) into a lot of trouble. There are specific steps that you have to take when it comes to hiring and firing people, as well as when managing your team of staff, and it’s important to be aware of that.
One of the main things you need to be aware of is any issues relating to discrimination. In most states, you can hire and fire people at any time and for any reason. However, crucially, you can’t fire someone or reject them for a position for a discriminatory reason. This can include discrimination based on gender, age discrimination, discrimination relating to disabilities, or race-based discrimination. Discrimination isn’t always direct, so it’s important to be aware of any issues that could be seen as indirect discrimination. For example, not allowing certain types of clothing could mean you indirectly discriminate against people of certain cultures or religions.
Tax laws
When it comes to business tax laws, by law, you need to follow business tax protocol. What this means is that you are required, as a business, to know what taxes you need to pay, obtain employee identification numbers if you have a team that is, and also you must understand how taking on new team members impacts your businesses’ taxes. Tax isn’t as simple and straightforward as hiring an accountant to get your paperwork in on time, when you run a business it’s so much more complicated than that. If you’re confused about your business and the tax laws that are in place, it’s vital that you seek adequate help and support from a financial advisor and potentially, a lawyer.
Advertising and marketing
Did you know that there are advertising and marketing laws in place? You can’t just market your business and its services in whatever way you like; there are laws in place that need to be followed. The truth is that when it comes to marketing, you need to ensure that you are marketing your company and its products or services in a truthful way. Because if you fail to do this, you could end up breaking the law and getting yourself and your business into a lot of trouble. This is why many business owners choose to outsource their marketing efforts to specialists in marketing, to ensure that their advertising does not break the law in any way.
When you run a small business, it’s not always easy knowing how to stay on the right side of the law. The fact is that there’s a lot of rules and regulations that need to be navigated through, and when you’re new to the business industry doing so can be pretty tricky at times. That’s why, you may want to consider seeking help from legal experts when it comes to certain aspects of running your business, to ensure that you remain within the law. If you break the law, the implications for you and your business can be very serious indeed, so taking note of the law when it comes to how you run your small business is vital. Hopefully, the tips and advice above have given you all of the information that you need to successfully run your small business and remain within the law while doing so.
