Oftentimes, being on the verge of starting your own business triggers excitement and anxiety. It is usually the culmination of a long process involving several layers of planning. In all that planning, a consideration that might have been forgotten or inadequately examined is that of business laws. While you might have checked general laws, there are specific laws that, if neglected, could spell danger for your business. Here are some of them.
Advertising laws
As the aim of advertisements is to attract as many customers as possible, some business owners could be tempted to employ various gimmicks to get the desired result. This is why there are laws guiding the practice of marketing. Most of these laws are designed to ensure honesty in advertising campaigns. As a business owner, your establishment is legally obliged to make sure that all marketing statements are in line with government regulation. Whatever marketing medium you might favor, it is essential that any information being passed is not false or misleading.
Intellectual Property laws
If you have decided to start a business, it Is likely that you have a name, logo, or tagline in mind. It is unwise, however, to go ahead and use them without making proper inquiries. Patents, copyrights, and trademarks are things that businesses have to deal with at one point or another. Adequate knowledge of intellectual property laws is therefore crucial for any business. Learning about these laws not only saves your business from potential lawsuits but also ensures the protection of your company’s information.
Licensing laws
While all businesses need some sort of legal stamp in order to operate, the specific permits required will depend on the location and kind of business. Once you’ve determined what industry your business falls into, it will be necessary to learn about the certifications such industry requires. Beyond a general license to run the business, you might need licenses relating to health, land use, tax, sales of certain products, and so on. Some of the required licenses can be found online but it’s advisable to visit local administration offices to get up-to-date information.
Tax laws
Taxes are even more complicated for businesses than they are for individuals. A business may have to pay up to seven different taxes, depending on the type of business. There are several steps to filing taxes as a business and some practices, such as acquiring new staff, have an impact on taxes. This is why it’s important to thoroughly research all aspects of taxation pertaining to your business. The IRS website is a good starting point for understanding your tax obligations as a business owner.
Starting a business is almost as difficult as running it. In order to avoid situations that can lead to a business getting shut down, it is important to involve law experts in the early stages of planning. From a corporate lawyer to a personal injury lawyer, these experts dispense knowledge that could be the difference between success and failure.
