Business Laws: What You Should Know
There are many factors to be aware of when opening a business. It is possible to get into serious legal and financial trouble if your attention is not paid to business and corporate laws. It is not necessary to be a graduate at a fancy business college or to have a business degree to get a basic understanding of small and large business law.
If you’ve been following the news, you will know that the most troublesome area for businesses is employment law. You need to be familiar with all applicable laws and regulations. There are many laws that govern the hiring of regular employees and contract workers. Take a look at all of the employment business laws that must be followed for a comprehensive overview:
* 1966 Civil Rights Act
* The Equal Pay Act of 1962
* Americans with Disabilities Act
* The Immigration Reform and Control Act of 1987
* The Age Discrimination in Employment Act
* The Equal Employment Opportunity Act
* The Bankruptcy Act
* The Occupational Security and Health Act
* FMLA, Family Medical Leave Act
* Employee polygraph protection act Labor Law
* FLSA, Fair Labor Standards Act
That’s not counting any state employment laws that might be applicable to your business. It is a good idea for your HR department to conduct a checkup to determine if you are following all the regulations.
Are you working in the international market? Do you work in international business? If so, you need to be aware how international business law may affect your business, your bottom line, and you. You should ensure you are compliant with the general international business laws as well as any specialized import and export laws applicable to your country.
How about the domestic business law scene? Are you aware that you will need to adhere to State business regulations in addition Federal law? What permits and licenses are needed for your business? You may be subject to severe fines or penalties if your business isn’t granted a license or permit. If you fail to keep track of state business laws, like California business law in California, it can lead to your business being shut down.
Last but not least, what about Internet laws and online business law? Was this something you knew existed? Internet usage has skyrocketed in the past decade, so the government instituted Internet compliance regulations. If your site does not comply with these regulations, it could be shut down. You could also face criminal prosecution and heavy fines.
It is best to not attempt to navigate complex business law issues alone.
Summary: You need to ensure that your business laws are in compliance when you operate a business. Even if a business law firm is hired, it’s still a smart idea to learn the requirements.
