Understanding business laws and regulations is very important. This is because, as a small business the company is subject to the same regulations and laws as large businesses. Though, for small businesses, compliance with the Small Business Act is recommended.
Business owners are advised to ensure compliance with certain regulations from the first day. These include:
The key to success for any business is its advertisement and marketing skills. However, the keenness to succeed can become a big problem if you over do things. Therefore, there are laws governing advertising that must be complied with. These include the following best practices:
Hiring employees is not as easy as it seems. There are laws and regulations to abide by. Compliance with these must start from the recruitment and selection process. After hiring, there are regulations governing best practices for the work environment and job description. These laws have been stipulated by the federal and state government. Some examples of laws include: Child Labor Law, Employee Discrimination and Harassment Law, Appointment Termination Law and Wage and Hour Law.
There are finance laws that businesses must abide by. These include: laws about antitrust, security, investment and bankruptcy. Business involves a number of risks and these regulations make business decision making and risk management easier.
When a business invents a new product, idea or tool it has the right to protect ownership. Businesses can get copyrights to safeguard the intellectual property. Compliance with this regulation is good for ownership rights.
Online businesses also have laws to ensure compliance with to protect them against financial and legal liabilities. These laws govern taxation, copyrights and security. The laws regulate online international sales and collection of sales tax over the internet.
Business enterprises are bound by law to protect personal information of their customers. Identity theft has become a major threat in recent times. Likewise, to protect children using online services there are specific laws to comply with.
Business and industrialization has had a major impact on the environment. This has led to establishment of new laws to protect the environment. For example, there are laws about the Ecosystem, Air Pollution, Fish and Wildlife and others.
It is mandatory for any business enterprise to lookout for the wellbeing of its employees. The work environment must be free of hazard and in compliance with health regulations.
Businesses hiring foreign workers have to abide by the Immigration and Nationality Act. Depending on the country in which the business is, there may be limitations on where immigrants are allowed from.
These are the laws and regulations for business best practices. Abiding by these will mitigate risk of legal action against the enterprise.