Did you know there are more than 33 million small businesses operating in the US? If you’re one of the millions of people who run a business in the US, you must have a basic understanding of business laws.
The rules and regulations can vary from state to state. Still, some statements apply to all small businesses, no matter where they operate. With a business attorney, you can equip yourself with legal advice to guide your business toward success.
Read on for a short breakdown of the most critical aspects of small business law and how it applies to your business.
1. Business Contracts and Agreements
If you plan to start a business, you must know that contracts and agreements are some of the first things to study under small business laws. These contracts and agreements protect both parties in the relationship. These define the rights, responsibilities, and obligations of both parties.
Business contracts stipulate the expectations of each party in the agreement. This helps navigate the obstacles associated with the business relationship.
If a dispute arises, the contract serves as a legally-binding source of resolution. It provides a framework that ensures both parties have fair treatment in the outcome.
2. Intellectual Property Law
Small businesses face unique challenges when it comes to intellectual property law. Protecting their valuable creations is an integral part of any business plan.
Intellectual property law centers on securing legal rights to creations of the mind. This includes inventions, literary work, or designs.
Trademarks and copyright laws are the most critical aspects of intellectual property. Trademark law helps protect the branding and logo of a business. Meanwhile, copyright law protects the original works created by a company, such as literature, video, music, or artwork.
3. Taxation Laws
Taxation laws are of crucial importance for small businesses. These laws provide the framework for how a company is to calculate, subtract, file, and pay local and federal taxes.
Additionally, taxation laws vary depending on your business structure. Business owners must remain up-to-date and in compliance with applicable laws.
Failure to do so can result in hefty fines and penalties. Furthermore, taxation laws ensure that you are covering your taxes. This also helps support calculating, paying, and documenting all pertinent filings.
4. Health and Safety
Health and safety regulations safeguard you, your employees, and your customers. These can cover the use of protective equipment to store hazardous materials properly.
They also reinforce proper employee training to handle medical emergencies. These ensure they know evacuation procedures and how to respond to safety violations.
Moreover, small business law may push business owners to provide medical surveillance. These can be regular medical exams or tests for employees working with hazardous substances or materials.
5. Employment Laws
Employment laws can cover termination procedures, anti-discrimination policies, and overtime regulations. They can also cover health and safety standards and minimum wage requirements. Veteran law firms, such as Fitzpatrick Lentz & Bubba, can help you with proper compliance.
Know the Vital Aspects of Small Business Laws for Your Company
In conclusion, small business law is essential for the success of business owners. It allows you to protect yourself, your intellectual property, and your company.
Consider consulting an experienced business attorney for crucial legal matters. They can help you stay up to date on the most critical aspects of business law and help ensure your business’s success.
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