Launching and running a business requires many different types of preparations. Securing funding and creating a viable business plan are common tasks on this to-do list. However, it is also essential for all business owners to review the most important business laws, according to Kania Law, that may have a serious impact on their business. Here is a list of business laws that every business must abide by to ensure a hassle-free future.
Licensing:
This is the foremost requirement before starting a business. Call your local authority to find out the licensing needs for your business. The Small Business Administration website is a great platform to find out detailed information related to state and federal licensing. Make all possible efforts to fulfill all the licensing requirements that apply to your business.
Employment Laws:
As a business owner, there are a number of employment laws for you to follow.
- Fair Labor Standards Act: This act specifies and regulates the federal legal requirements for overtime, minimum wage, record keeping, and child labor ban. Go through the act thoroughly to make sure that your business is in compliance with it.
- Federal Equal Employment Opportunity laws: These laws prohibit all types of workplace discrimination based on race, religion, color, sex, and national origin. They also provide protection for individuals with a disability, and ensure equality between men and women in terms of pay.
- Family and Medical Leave Act: Business owners must follow specific rules when an employee or a family member of an employee deal with a medical condition. These rules include time off, compensation, and much more, depending on the severity of the medical condition.
- Occupational Safety and Health Act: This law recommends certain measures from the business owners to ensure a safe work environment for the workers without any potential health hazards.
- Workers’ compensation: In most states, employers are required to purchase an insurance policy to compensate the employees falling ill or getting hurt because of workplace exposure. Please check the Department of Labor website to find out more about your responsibilities as an employer.
- At-Will Work Doctrine: This at-will work law is active in all states other than Montana. According to this law, any employee can be fired at any time for any reason, unless the reason is illegal. Similarly, an employee can quit a job at any point of time.
Tax Laws:
- Employer Identification Number: An employer identification number is required for filing business taxes. This number can be obtained by filling out an online form on the IRS website.
- Knowing the Taxes: The IRS provides a detailed breakdown of your tax requirements, such as social security, federal tax, federal unemployment tax, and Medicare. It is a good idea to employ an accountant and compile a budget.
- Hiring Employees: Your tax liability as an employer is impacted by the hiring of a new employee, and this will depend on the amount of time the employee works for you.
Advertising and Marketing Laws:
- Truthfulness: This law requires that all your advertising and marketing efforts are truthful without ever being unfair or misleading.
- CAN-SPAM Act: Regulating commercial email communications, this law bans deceptive subject lines and demands honesty.
- Telemarketing Sales Law: Thoroughly go through the FTC’s telemarketing rules, if your business involves selling products online, via phone, or email. This rule requires businesses to ship all products within 30 days, provide refunds for unfulfilled orders, and provide notifications for delays in delivery.
Privacy Law:
If the regular operation of your business requires collecting personal information from the customers, you must take adequate measures to implement a sound data security plan.
Healthcare:
Healthcare laws have changed significantly over the years. Make sure you are well acquainted with the new healthcare policies, and how your business may be affected by the new Affordable Care Act.
