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Important Laws That Affect Your Business
It is important for all business owners to know and understand the laws that affect their businesses. It is equally important to comply with those laws. Ignorance of the laws has never been a valid excuse in any Court of Law, and it never will be. As a business owner, it is your responsibility to know what laws affect your business.
If your business is a sole proprietorship, you may need a DBA certificate, and a business license for the city you are doing business in. Corporations have other requirements, which also vary from state to state. Find out what laws affect you based on your business structure.
Zoning Laws :
It is illegal to operate certain types of businesses in certain areas. Check with your local zoning commission to find out where you can operate the type of business that you have.
Licenses and Permits :
Different businesses may require specific licenses and permits. Make sure you have all the necessary licenses and permits specific to your business.
Laws specific to Corporations :
There are many tax laws and other laws that are specific to corporations. These laws vary from state to state, and generally affect how the corporation is set up, managed, and how stocks and securities are handled.
Environmental Laws :
If your business handles chemicals, hazardous wastes, or other materials that affect the environment, the Environmental Protection Agency will have laws that affect your business.
Employment Laws :
Employment laws will affect how you hire employees,
how you pay them, and how you treat them. Failure to comply with employment laws will almost always result in a lawsuit, or an investigation by the Labor Board in your state.
Tax Laws :
There are too many tax laws for most business owners to keep up with - unless they are tax professionals. In order to comply with the tax laws, it is best to hire a tax professional.
Business and Contract Laws :
Just as tax laws are complicated, contract laws are complicated as well. Protect yourself and your interests by hiring a business lawyer to help you comply with these laws, and to use these laws to protect yourself and your business.
Consumer Protection Laws :
These laws are designed to protect consumers from fraud and from defective or dangerous products. A business lawyer can usually help you in this area as well.
Internet Laws :
If you conduct any portion of your business on the Internet, you must comply with specific laws. The biggest issue facing business owners conducting business on the Internet is the new SPAM laws.
Failure to comply with the laws that affect your business can cost you a lot of money in fines and penalties. Being forced to close your business down may be the result of not complying with certain laws. Save yourself time, money, and grief by finding out what laws will affect your business ahead of time, and keep up-to-date on changes in the laws as time goes by. There may be other types of laws that are specific to your business. By consulting with a business lawyer, you will be able to find out what these laws are, and how to comply with them.
Category: Personal Finance