Understanding legal aspects of business is the first step to success for any company. Business law refers to the regulations governing many aspects of running a company including these areas:
- Sales
- Taxes
- Employment
- Succession
- Business operations
- Bankruptcy
Hiring an attorney to help you with the transactional work is a good way to avoid possible litigation by complying with applicable business laws. While business regulations may differ from one state to another or from one country to another, here are some common universal business laws that will apply to your business:
- Employment and Labor Law
Employees may be a critical component of your business. Labor laws require you to comply with minimum salaries and wages, overtime rules, child labor bans, and maintaining personnel records.
- Workplace Safety and Health Law
Providing a safe work space free from hazards is not only a right for your employees, but it is essential for business success. We can help you access competent business attorneys who will help you develop company policies to meet compliance.
- Finance Law
Finance is the heart of business. Financial laws are meant to protect your business, customers, and investors should your business be forced to file for bankruptcy.
- Privacy Law
The law requires that any business that collects sensitive information about their customers should ensure confidentiality by putting in place a sound security plan. Privacy laws can also affect employee-employer relationships as well. If an issue about privacy or the legalities surrounding this area, seek the trusted guidance of an business law attorney.
- Intellectual Property Law
Protecting the intellectual property of your business is essential. Left unprotected you leave your company vulnerable to competitors and unscrupulous parties. Do you have a great product or idea? File for a patent to protect it. You can also apply for a trademark to protect your company’s business name, symbols, and logos. A business law attorney can draw up and file the necessary paperwork on your behalf.
- Advertising and Marketing Law
Effective advertising and marketing is key for any successful business. However, commercial companies are expected to provide “truth in advertising.” A business is legally required to be truthful in advertising and marketing claims.
- Online Business Law
The internet provides enormous opportunities for your business to make sales and generate revenue. There are also laws which regulate this space, some of which are in flux. When meeting with a business lawyer, discuss which laws that focus on online Internet sales might affect your company.
Understanding business law is important for every company but not everyone has a mind for the complexities of law. However, even mistakenly breaking a law still leaves an individual or a company vulnerable to repercussions. This can include fines or even jail time. There many benefits that can be obtained by seeking the appropriate legal counsel. If you need help, reach out to an experienced business lawyer today such as the top business formation lawyer Folsom CA locals know.
Thanks to authors at Yee Law Group PLLC for their insight into Business Law.