Starting your own business is a mighty task. Entrepreneurship is certainly a highly valued aspect of the business but it can be devastating if you do not do your research on every of its aspect. There are numerous laws that govern entrepreneurship and the way business needs to be done. If you are unfamiliar with these laws and start your business without its knowledge then things might get very complicated for you in the near future. There are laws governing every action and move of every type of business out there. So let’s have a look at some of the most prominent ones without which you simply can not think of following the path of entrepreneurship.
Family And Medical Leave Act
If your employee or the employee’s family member faces a medical emergency then there are certain rules that you must follow as an employee. You might have to grant paid leaves to the employee and arrange a replacement yourself. It is important to go through this law in detail.
Fair Labor Standards Act
Some things that you can not avoid as an entrepreneur are minimum wage laws, overtime laws and child labor laws. These laws like others keep getting updated so it would be wise on your part to make yourself familiar with them. If you fail to do so, you might have to pay hefty fines for breaking even one of these rules.
Equal Employment Opportunity Act
It should be very obvious to you that discrimination on the basis of race, color, sex, religion, or nationality is never tolerated. There are numerous laws that protect the citizens and employees against these atrocities. Failing to abide by these laws can get you into a lot of trouble.
Occupational Safety And Health Act
Each and every one of your employees deserve a safe working environment. Occupational hazards are definitely a part of every job out there but the employer needs to provide certain safety measures depending on the nature of the job. You should probably read these laws in detail to avoid any inconvenience to you or your business at a later stage.
Employer ID number
Before you start rolling in money from your business, you also have to think about the taxes that you will have to pay after applying for an employer identification number. These business taxes are monitored closely by the government and need to be submitted on time. Getting in-depth knowledge about this law is quite important for filing business tax.
There isn’t just 1 business tax that covers everything. There are a number of different taxes that you are supposed to file depending on the type of business that you do. All of these taxes are necessary and need to be filled timely. Hiring a CA would obviously make things easier for you but it is quite essential to have in-depth knowledge of these taxes yourself.
You also incur a tax when you hire an employee. Every payment made to the employee is taxed in a certain way. Experts at Fighter Law explain how even the time duration of an employee working under you has a different impact on the amount of tax you have to pay. So before you start hiring people you should familiarize yourself with this law.
Whenever you decide to start a business you will first have to apply for a business license that will grant you the go-ahead to start working on opening up the business. The license is provided locally by the authorities of the city. The authority will go through the different aspects of your business and will grant you the permission accordingly. So it is quite necessary for you to know these laws before you present your model to any authority to avoid facing rejection.
Advertising And Marketing Laws
Truth In Marketing And Advertising
Holding up your business and promoting it with a lie is obviously malpractice that should be discouraged. Thus, there are laws to keep you from spreading false advertisements and fake marketing claims. All of your claims and promises need to be backed with proof.
Spam emails are a headache for a lot of citizens. Businesses used to send a multitude of emails to citizens who did not want to receive any in the first place. Moreover, companies had started to send emails with false claims and used to deceive people by lying about their location. Laws to protect the citizens from these spam emails and frauds took a while to be formed but they are now being enforced quite strictly. As an entrepreneur, you should be familiarized with them to stay on the safer side.
Telemarketing Sales Law
There are certain rules that govern your business when you sell products through mail, phone, or online. The FTC has devised certain rules under which you must ship the products within 30 days, notify delays and provide refunds where necessary. Familiarizing yourself with these laws will ensure the smooth running of your company.
Online Business Laws
Sales Tax Laws
Shops and showrooms always pay sales tax collection to the local collectors. This does not imply that online companies won’t have to pay any tax. Such companies that operate online always have to pay taxes when they have something physical in the locality like a customer care front or a warehouse.
International Sales Act
With the option of getting your business online, you can export all your products and services internationally. This obviously comes with certain regulations on shipping, customs and taxes. Failure to comply with these international norms of the business can put hefty fines on your company.
Most of these laws are very well known to the people in the business world as they face them in their day to day functioning of the business. These laws affect everything about the way you do your business, so as an entrepreneur it is highly vital for you to know everything about them. Having proper knowledge about these laws can actually give you a lot of insight into how to become a successful entrepreneur.