5 Laws Every Business Owner Needs to Master

Business Law
October 26, 2018
84 / 100

All business owners understand there are specific laws that apply to operation. While some laws are specific to one particular industry or another, there are several other laws that apply generally to all establishments. Managing a business is not always about cash flow and increased sales, but how the employees and the customers are treated and protected as well. Advertising is also another aspect of management that requires expertise, especially with respect to protecting the company intellectual property used in brand identification and services provided. Standing out among the competition is essential, and not having the company infringed upon is equally vital. Here is a discussion of some general rules and regulations to follow.

Premises Liability Laws

Retail store managers know the potential for an injury to a customer or employee is always present when shoppers are in or around the store. Although most are aware of trip hazards and keeping the sales floor tidy, they do not all understand that the parking lot and sidewalks can be trouble spots as well. It’s in a business owner’s best interest to maintain the paving outside their business. This can hold true for structure and facility owners also when they have agreed to maintain the exterior of a business. It is always essential to maintain adequate general business liability insurance protection because of potential personal injury issues.

Tax Laws

Just like you pay taxes as an individual, your business must pay taxes as well. There are several types you need to be aware of: federal, state, and local, as well as any taxes specific to your specific type of business. These include income tax, sales tax, property tax, excise tax, payroll tax, and franchise tax. Whether you’re a sole proprietor, corporation, or LLC also makes a difference in what kind of taxes you will need to pay and how much. It can be helpful to get help from a professional tax preparer for at least your first time around to make sure you file everything correctly and take advantage of all the credits that you qualify for.

Employment Laws

Depending on the size of any business, there are distinct laws that apply to certain aspects within daily operations. Understanding income tax requirements is one of the most important of all operational laws, including federal, state, and local tax obligations. It is also important to remember that practically all businesses are subject to compliance with discrimination laws regarding hiring, which can be sourced at the official EEOC government website. Finally, pay attention to workers compensation. Workers compensation law states that all employees who are injured while on the job are entitled to receive two-thirds of their weekly income.

Patent Protection Laws

Many businesses have copyrights for tools they use in producing their wares, especially in the digital marketplace. The cyber business community is actually where much of current industry growth is occurring across all sectors of the economy, including many service industry startups who own the software they use in delivering their product. Even machinery design can be a central intellectual property protection concern for manufacturing businesses of any type who rely on their unique machinery to stay ahead in the market. If someone stole a design, concept, or other idea, it could cause significant losses. If a startup has their concept stolen, even if they have a patent for it, they might not have the legal support of funds to properly protect it. Depending on the patent claim, even borrowing ideas or being inspired by another product could lead to legal muddy waters.

Trademark Protection Laws

Another critical item of company intellectual property concern is any advertising trademarks used in any marketing application. Many competitors will design a trademark similar to a leading brand in a particular niche using a varied distinctive mark that mimics a company logo. Small things can matter, as trademarks are specifically defined by their distinguishing marks, and understanding the trademark uniqueness can be essential for maintaining market share.

Errors and Omissions Insurance Laws

While this type of insurance may not be necessary for some businesses, it is a necessity for any service business that generates income on advice and industry assessment. All businesses are in the cash flow business to an extent, and any operation dealing in large financial amounts should be prepared for potential legal complications.

Managing businesses is always a work in progress, and understanding how laws impact your business is a fluid process in many instances. Solid management practices always include knowing what rules and regulations will apply, and especially how severely a violation or legal action from a business client can impact the company growth outlook.

Categories

More Posts:

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

How Startups Can Ensure Health and Safety at the Workplace

Everyone, including the owners, management, and staff, is responsible for ensuring workplace safety. All parties must take the proper steps so that no one is harmed while working. If you are looking for ways to keep your workplace safe, here are ten tips to help you out.

Product Mistakes You Might Be Making at Your Business

Running a business isn’t easy, and making product-related mistakes can cost your company time and money. From creating products without doing market research to holding excess inventory or failing to file patents, there are numerous pitfalls that you need to be aware...

How to Put Safety First at Your Business

As a business owner, it is your responsibility to provide a safe environment for both your employees and your customers. When you take the proper steps, you can prevent accidents, injuries, and even lawsuits. You need to make safety a top priority at your business. ...

Supplies Your Business Should Donate to Schools

Back-to-school season is upon us, and that means it's time for businesses to start thinking about donating supplies to schools. Donating supplies is a great way to give back to the community, and it can also be a great marketing tool for your business.  Here are a few...

Why You Need to Be Specific When Writing a Will

No one likes to think about death, but it is something that we all have to face at some point in our lives. If you have children, it is especially important to make a will so that you can ensure that they are taken care of after you're gone.  These are a few reasons...

How to Decide Which Business Data to Archive

When it comes to business data, it's not a question of if you should archive it, but rather how you should archive it. With so many factors to consider — from the costs of storage to the ease of retrieval — it can be tough to know where to start. In this blog post,...

A Five-Step Guide to Starting a Logistics Company

If you've been considering launching a transportation and logistics company, now is the moment. The transportation and storage sector is very important and profitable. Statistics show that by 2027, the global logistics market would have grown from its 2017 valuation...

Which technology should businesses invest in?

Introduction The top three IT firms this month are Fair Issac Corp., Enphase Energy Inc., and Arrow Electronics Inc. With outstanding third-quarter sales records in a struggling electronics industry, semiconductor distributor Arrow Electronics has become a top bargain...

13 Best tech business ideas to start this year

Technology companies are concerned with the research and development of technology-based goods as well as their distribution. The products and services that technology companies provide are applicable in a variety of different markets. The following is a list of the...
Nyago Michael Emmanuel

Nyago Michael Emmanuel

We invite many people who can invest in our Akiba Ya umoja community benefit savings and investment group of Uganda to enable us expand our operations in Uganda

How to Put Safety First at Your Business

How to Put Safety First at Your Business

As a business owner, it is your responsibility to provide a safe environment for both your employees and your customers. When you take the proper steps, you can prevent accidents, injuries, and even lawsuits. You need to make safety a top priority at your business. ...

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

Soe Tun: The Copy Doctor

Soe Tun: The Copy Doctor

Autistic kid finds out that he’s unemployable and doesn’t enjoy most social settings. Decides to be a pro copywriter as a result.

Annie Anderson – Business Strategist & WordPress Creator

Annie Anderson – Business Strategist & WordPress Creator

Annie Anderson is the owner and digital creator at Midnight Rebel Digital Co. With over 25 years experience in design and development and more than 15 years experience with WordPress, Annie is a great person to have in your corner when it comes to websites, tech, and systems.

How Startups Can Ensure Health and Safety at the Workplace

How Startups Can Ensure Health and Safety at the Workplace

Everyone, including the owners, management, and staff, is responsible for ensuring workplace safety. All parties must take the proper steps so that no one is harmed while working. If you are looking for ways to keep your workplace safe, here are ten tips to help you out.

Product Mistakes You Might Be Making at Your Business

Product Mistakes You Might Be Making at Your Business

Running a business isn’t easy, and making product-related mistakes can cost your company time and money. From creating products without doing market research to holding excess inventory or failing to file patents, there are numerous pitfalls that you need to be aware...

Occupational Hazards That Come With an Office Job

Occupational Hazards That Come With an Office Job

Working in an office can be a great way to make a living, but it also comes with certain risks. Sitting at a desk for long hours and staring at screens can lead to physical ailments that not only cause discomfort but could eventually lead to more serious health...

How to Make Your Social Media Campaigns More Relevant

How to Make Your Social Media Campaigns More Relevant

Social media is a powerful tool for businesses of all sizes. It allows you to connect with customers and followers in a way that was never possible before. However, it's important to make sure your social media campaigns are relevant to your target audience. Here are...