Are you someone who is looking out for an opportunity to start a business? Are you someone who wishes to become an entrepreneur? Then guess what, it is possible to become if you have the vision, strong determination, management skills, and innovative ideas.
But before, getting into the business you need to become familiar with the laws. Often when the name of law pops up, everyone gets scared. Well, you don’t need to be, because these laws are made for the well-being of society. Hence, no need to fret over.
In this blog, we have mentioned down about business laws that every entrepreneur should be aware of. Curious to know? Keep scrolling until the end!
Let us first begin with the naming of the business and other related things.
1. Intellectual Property
Before commencing any business, it is crucial to get it registered with the help of an intellectual property lawyer. The name of the company and the logo should be unique enough and not found anywhere else in the world. Likewise, it also applies for the punch lines.
Amidst IP lawyer, also there are designated lawyers for copyright, trademark, patents, and trade secrets. If there is an infringement to any of it, then your IP lawyer or the designated lawyer related to trademark, copyright, trade secrets or patent shall help you out with it. If you are in fault then, chances are the opposite party will file a case against you. Hence, hire the lawyer who looks after all the documents.
One of the most important law to aware of is taxes. You must know about the government rules and how you will be paying taxes to the state and central government. Remember each sector has its own set of tax laws hence always check in the sector does your business belong.
3. Workers Compensation
Most of the time the state demands the employers to buys the insurance policy. This for the compensation so that if they get hurt or ill due to the workplace the company shall provide the necessary funding. To know more on the worker’s compensation visit the Department of Labor Website.
4. Family and Medical Leave Act
If an employee is dealing with a medical condition or perhaps he or she is undergoing through treatment then the employee gets specific leaves and of course compensation.
5. Selecting the Type of Organisation
Another vital law to consider is selecting the type of organisation. Before growing the business, you must be certain about what kind of business you wish to set up. It’s going to take some time in analysing what type of business you wish to have. Describe your long-term and short-term goals. However, being an entrepreneur you need to take the points in the legal framework and review accordingly.
6. Federal Equal Employment Opportunity Law
According to this law, there should not be any gender, race, religion, or national origin discrimination. Besides, this law also implies that there should be equal pay of men and women. it should also protect the employees with disabilities.
7. Advertising and Marketing
According to this law of Advertising and Marketing, everything you publish or advertise must be truthful. If you plan to make claims during the announcement then always, keep the proof for back it up. This law becomes especially true when you are doing an endorsement for the children.
8. CAN-SPAM Act
Did you know that there is an email law? Well, we bet you didn’t know! This law requires you to send only commercial emails with no misleading subject lines and relevant content.
9. Privacy Law
One should not share the confidential information with anyone except the senior authority. Keep it under lock and key or perhaps best possibly secure.
10. Finance Law
Last but not least, comes the finance law. If your business is facing some financial problems, cash flow issues, and all such things, then chances are you need to file bankruptcy. Accordingly, you need to know what are your legal laws.
So, that was all about the laws you need to know before starting the business. We would highly recommend you to go and consult an attorney to understand better about laws. Remember, starting a business isn’t an easy task. There are going be many hurdles you need to cross and finally establish the business you have ever dreamt about! Do let us know about your thoughts in the comment section.