Imagine doing business in the absence of the rule of law that protects your business interests. It will be a chaotic and unconducive environment for business operations. The rule of law keeps the business world fair and orderly to business owners regardless of the business size.
Do not assume that your business is small and does not require to adhere to the stipulated state’s business laws. Here are some of the laws that you need to have adequate knowledge about to make smart business decisions.
Taxation laws
As a small business owner, you wouldn’t want to be on the wrong of the law because of tax evasion, either knowingly or unknowingly. So, familiarize yourself with your country’s federal, state, and local government taxation laws and obtain an employer identification number. A tax identification number will help you know the taxes your business is legible to pay.
With adequate taxation knowledge and understanding, you will avoid the wrath that results from tax evasion. Failure to comply with tax payments, you will risk being levied either wage or bank levy. If you have missing tax returns, negotiate with the government on payment terms. After full payment of your debt, the IRS levy release service will process and execute a levy removal.
Trademark laws
A business is its name. As an entrepreneur, you understand how time-consuming it can be to coin a business name, logo, and tagline that sells your business and communicates to your clientele. For this reason, you can relate why business name, logo, vision and mission has to be protected.
If you use an already existing and registered business name, logo or motto, you risk being served with a cease letter or sometimes even a lawsuit. To avoid such discouraging instances, do a name-search of your potential business name on the state’s website.
Local employment laws
Businesses must follow employment laws. As an employer, you need to have explicit knowledge and understanding of your country’s existing employment laws. It is vital to know laws regulating the employment process. Some employment laws include the minimum wage, minimum requirements for working conditions, and submission of payrolls on behalf of employees and health insurance.
Employment laws are quite overwhelming, so hire an employment lawyer to guide you on what you need to comply with the law. Also, an employment lawyer will help you as an employer in pursuing enforcement or finding a remedy if an employee violates the law.
Operational licenses and permits
Obtaining operational licenses and permits is not as fun as riding along a scenic trail. The process of obtaining business permits and licenses is cumbersome and discouraging. However, this is one law in business that you can never ignore.
Business licenses and permits make it easier for you to operate from a particular location, protect your brand name, and ensures that your business conforms to the neighborhood zoning laws and variances.
Permits smoothen the process of business operation. So, ensure that you have all the licenses permitting you to operate and avoid cat and mouse games with the local government officials.
Advertising and marketing laws
Advertising and marketing are a day to day routine for every business. The law requires genuine advertising, do not mislead your audience with deceiving claims about your services or products. That’s a fraud that is punishable by law. The rule of law is also stringent on using children for endorsements or brand ambassadors for certain products and services.
The law also regulates email marketing and telemarketing. So do not use deceptive advertising and marketing baits to lure your clientele. Otherwise, you will be served with a lawsuit.
Online business laws
In today’s era, most businesses are operating digitally. As you digitally transform your business to reach out to the digital audience, optimally, adhere to the local and international business laws. Arm yourself with the knowledge of FTC (Federal Trade Commission) laws guiding local and international business operations. In the case of international business operations, the FTC provides information on shipping, taxes, and customs involved.
The law provides a structure on how a business should operate and holds firms, governments, and people liable for their actions.
