5 Business Law Areas Every Company Must Observe
No company desires to become the target of a costly lawsuit. That is why all organizations must remain vigilant when it comes to avoiding legal pitfalls. A competent business attorney should always be consulted when questions arise, but a well-rounded awareness of business law can also help you dodge courtroom trouble. Here are five areas of legislative danger that all businesspeople should remain cognizant of.
Your business is nothing without an appealing name and coming up with the right moniker is a critical first step. Choosing one that already has a legal claim can result in an uncomfortable entanglement. Even a title that sounds too much like another can be problematic. Besides court costs, the price of rebranding can be highly detrimental. Allow an attorney specializing in this field to help you stake a claim.
Relationships with staff are highly regulated. From paying taxes to employment discrimination matters, environmental concerns to sexual harassment, laws govern nearly every aspect of your interactions with workers. Become conscious of every rule that applies to your operation. Check with legal experts if you are unsure of how to interpret a particular law.
It is said that only death and taxes are guaranteed. Avoid getting on Uncle Sam’s bad side by rechecking that taxes are covered. Failure to pay your allotted share could land you in jail, on top of costing you financially.
4. Permits and Licensing
Companies big and small are subject to a myriad of legal permissions. Failure to comply with these mandates could shut you down. Matters such as zoning, land use and general functioning each require jumping through bureaucratic hoops. Occupational and health permits may even be necessary depending upon the type of work you perform. Note that different states have individual requirements, making paying attention to them absolutely imperative.
5. Corporate Structures
Building a company requires selecting a business designation. Whether you want to form a partnership, Limited Liability Company, S corporation or C corporation, hiring an attorney to craft official paperwork is your wisest option. Keep in mind that your choice can have a direct effect upon the amount you pay in taxes as well as how much legal liability you assume, so decide carefully.
Although only a tiny percentage of businesses offer law-related services, every company is affected by corporate legislation. Make certain your venture is free from legal woes by educating yourself regarding each applicable law.