Whether you are on the verge of starting up a small business or you have a well-established business, a business lawyer is someone you must invest in. Day after day, year after year, there are hundreds of legal issues that affect different organizations and only a person with legal expertise can help.
And although a business lawyer is the right person to handle all the legal issues relating to the business, it is important for you as the business owner to understand the different types of business law. Read on to find out which of these laws are worth your time of day.
•Tax Laws–tax is a financial charge that is levied on tax payers and the money collected is used by states to fund various general public expenditures. As for businesses, tax laws are very important. For as long as you are running a business and generating sales, it is mandatory that you start filing returns and paying the taxes due accordingly. Because as we all know, evasion of tax or failure to pay tax is punishable by law. If you have no experience with preparing your taxes, it’s recommended that you consult with professionals for small business tax preparation to avoid problems in the long run.
In regard to tax laws, a business will need the services of a professional tax attorney or a professional accountant to handle all the tax and accounts-related issues. However, owing to the fact that some people masquerade as professionals and yet they are not, it is safer for you if you have some knowledge about taxation and accounting.
•Intellectual property laws – are you inventing or patenting products and ideas? Then it is necessary for you to understand the basics of intellectual property laws. Remember the phrase ‘knowledge is power’? But because the law can be complicated, it is important that you hire the services of anyone specializing in business law to help you with your intellectual property laws.
•Employee laws – it is also very important for business owners or employers to have knowledge of employment law. Did you know that unhappy employees can take you to court? Simple things like firing employees without notice or because of discrimination, or hiring employees based on popularity and not credentials can put you on the wrong hand of the law.
Fact is, employees too have rights that must be put into consideration. Therefore, as an employer or business owner, ensure that you follow the rules and procedures when it comes to hiring employees, paying them and/or firing them.
•License laws – licensing is very important when it comes to running a business, big or small. However, different businesses need different types of licenses before commencing operations. For instance, a hardware shop will require a different license from a fast food joint. Therefore, as the business owner, you need to first understand the nature of your business. What is it that you will be dealing with? Then with that you will know the correct license for your business.
•Environmental laws – Illegal dumping is punishable by law! It is very important that we protect the environment. On that note, if you are business owner who runs a business that produces waste products or uses any hazardous materials, it is important that you dispose your waste without harming the environment.
Isabella Rossellini is a professional attorney specializing in business law. For more information on business and law, visit his website.