When running a business, it is important to understand the various legal implications that need to be recognized and followed as a business owner. When operating a company, business law requires regulations to be in place in order for the company to function successfully which include: sales, bankruptcy, employment, taxes, and operations.
It’s important that as a business owner, you abide by all business laws that may apply. Utilizing an attorney to help you with this will help you to avoid any legal ramifications in the future. There are several laws in place that may apply to your business, the following are a few of the most common. Always be sure to check the applicable laws in your area because these laws can vary depending on your region.
- Finance Law: in the event that the business must file for bankruptcy, finance law protects all investors, customers and business owners.
- Privacy Law: protects the confidentiality of a business’s customers by securing any private customer information the business may have collected by having security plans in place. It’s important to seek a business law lawyer if concern for privacy around customer information arises.
- Marketing and Advertising Law: requires “truth in advertising” meaning that any claims made by the company must be honest and truthful.
- Employment and Labor Law: requires the employer to provide employees with fair standards of working. This should always include: fair minimum wages, bans against child labor, management of personnel records, and overtime rules.
- Online Business Law: has ways of regulating business transactions that happen online. Many businesses have extensive sales and business transactions that occur on the internet. Understanding the impact online revenue may have on your company can be helpful. Knowledgeable business law attorneys can be of great help in providing guidance.
- Intellectual Property Law: protects any ideas, trademarks, designs or patents that your company may have developed. This allows you to file patents to prevent competitors from utilizing your ideas for their profit. Business law attorneys can be helpful in ensuring that all necessary paperwork is completed to protect your business.
- Workplace Safety and Health Law: safeguards employees from hazardous and unsafe environments. It is vital that a safe workspace is provided to employees to ensure that your business is successful.
The inner workings of business law may be difficult to grasp as there are many intricacies that are vital to the functioning of the company. As confusing as it may be, not abiding by these laws, regardless of whether or not it was accidental, could ultimately lead to jail time. Hire an attorney such as the Business lawyer Memphis, TN locals turn to to consult and guide you through this process. They will be able to ensure that you follow all regulations that are in place.
Thanks to authors at Wiseman Bray for their insight into Business Law.