Laws and legal policies govern our society in lots of ways. They make us function properly without any chaos. Also, they provide feasible ways to solve our day-to-day complex issues seamlessly that originate among individuals as well as organizations. And, the general business law here is no exception.
In fact, before you turn your business idea into a profit-generating unit, you have to learn at least the basics of law. Consulting a business formation lawyer is an ideal way to make yourself aware of such laws and establish your company seamlessly. Understanding the essentials of commercial laws can also help you make better business plans and effectively secure potential funds for your startup. Here are common aspects of the business law that every entrepreneur should know:
- Licensing: You will certainly need a business license in order to initiate your startup.
- Employment Laws: Laws related to employment include Fair Labor Standard Act, Occupational Safety and Health Act, Family and Medical Leave Act, and Federal Equal Employment Opportunity laws.
- Workers’ Compensation: In the state of Ohio, you have to cover your employees with workers’ compensation.
- Tax Laws: You have to secure an employer identification number in order to file your organization’s taxes. Register your business at IRS to obtain this number. You should also know how hiring new employees affect your taxes.
- Healthcare Laws: Your business has to comply with state and federal healthcare laws, such as the Affordable Care Act.
- Privacy Law: You should keep confidential data under lock and key as well as sensitive information optimally secure.
- Advertising and Marketing Laws: They require truthfulness in your advertising activities. Thus, your claims in promotional content should have proof, specifically when the products or services are targeted to children. Misleading advertisement can result in potential lawsuits against you and even the shutdown of the business eventually as well.
- Online Business Laws: FTC rules all online businesses that include sales tax collection as well as international sales laws.
- Intellectual Property Laws: They help you protect your company name, logos, and symbols.
- Finance Law: When your business suffers a significant financial loss and suffers potential cash flow issues that may force you to promptly file bankruptcy, then you should know what your legal rights are.
You should consult with an experienced business law attorney as soon as you face a business legal issue. For more information or to schedule a free consultation, contact the Law Office of John C. Grundy today at 330.637.9030 to speak with an experienced attorney on this topic