Business Laws: What you Need to Know
There are a myriad of things you must think
about when opening any type of business whether it is a small business
or a large corporation and one of those is how business law may affect
you.Failure to pay attention to business and corporate law can land you
in a world of trouble-both legal and financial. The good news is that you
do not necessarily need to be a graduate of a fancy business law college
or have a business law major to brush up on the basic ideas of small business
law and corporate business law.
If you ve paid attention to the headlines
lately, you probably know that employment law for business is one of the
number one areas where you can get into trouble if you aren t up on all
the employment laws and regulations. There are numerous laws that govern
the employment of both regular employees and contract employees. Just for
a broad overview, take a look at all the employment business laws you must
meet:
Civil Rights Act of 1966.
The Equal Pay Act of 1963
Americans with Disabilities Act
The Immigration Reform and Control
Act of 1986
The Age Discrimination in Employment
Act
The Equal Employment Opportunity
Act
The Bankruptcy Act
The Occupational Safety and Health
Act
FMLA, the Family Medical Leave
Act
Employee Polygraph Protection Act
Labor Law
FLSA, the Fair Labor Standards
Act
And that s not even counting the various
state employment business laws that might apply to your business! If you
aren t sure of whether you are meeting all the regulations, it s a good
idea to get a checkup for your HR department.
Do you happen to work in the international
arena? If you have anything at all to do with international business, then
you should be aware of the many ways in which international business law
can affect you, your business and your bottom line. At a minimum, you need
to make sure that you meet general international business laws, specialized
export laws, import laws and any laws of the foreign country in which your
business operates.
And what about the business law scene at
home? Were you aware that in addition to Federal business law and international
business law, you are probably required to meet State business law regulations?
Do you know whether you need a business permit or license? Failure to obtain
one can result in the shutdown of your business and hefty fines and penalties.
This is just one of the ways that state business law, such as California
business law, can affect the health of your business if you aren t careful
to stay on top of things.
Finally, what about Internet and online
business laws? Were you even aware that there was such a thing? The Internet
has exploded so much in the last decade that the government has found it
necessary to institute Internet compliance laws. If you operate a website
of any kind and do not meet the compliance regulations, that site could
be shut down and you could face criminal prosecution and hefty fines.
Of course, no one should ever attempt to
navigate the complexities of any type of business law alone and the best
course of action is to always seek the qualified professional advice of
a business law firm, but hopefully these tips will help you to understand
a little bit more about business law requirements.
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