Types of Business Laws: Small Business Formation Laws More
Ignorance is no excuse if you end up in court, you can t simply say that you didn t know what you were doing.
This law defines the type of business entity you have formed a sole proprietorship, partnership, or a limited liability company (LLC).
This law defines the types of businesses allowed in certain zones or areas. There might be some restrictions in particular areas, so if you are planning to run your business from home or lease office space, make sure you look into this.
Certain businesses will need certain types of license to operate. For example, a restaurant might require a different license to operate compared to a hardware store.
These laws are very important because once you start generating sales, you will have to file the relevant returns and pay your taxes accordingly. You should hire a tax attorney or accountant to do this for you, but you still need to have knowledge about sales, billing, sending invoices and paying your vendors.
Knowledge of employment law is also very important, since unhappy employees can take you to court if you do not follow the proper procedures in hiring, paying or firing them.
OSHA (Occupational Health and Safety Administration) laws must also be followed when it comes to ensuring the safety of your employees. If you violate OSHA, and one of your employees gets hurt, you could be sued.
Health, Fire and Air, and Water Pollution Department Laws
If you are starting a restaurant, a fast food business or anything related to food products, you will need to get the necessary permits from the health department first. Your business can be shut down if you do not comply with these rules.
Knowing laws relating to the environment is especially important these days. They have to be adhered to, especially if you are starting a car servicing center or any other business that uses waste products to be disposed of.
If your company uses any hazardous materials, make sure you know how you should dispose of them without harming the environment you don t want to be accused of illegal dumping.
If you are into inventing and patenting products or ideas, you need to have some knowledge of intellectual property and copyright law. These laws can be quite convoluted, so it pays to enlist the services of an attorney specializing in this area.