Starting a business is an exciting but daunting process. You must ensure that you are taking the proper steps to ensure your business is legally compliant. Not knowing the legal aspects of business can have real consequences and costly fines. Whether you are a small business or a large corporation, there are certain legal aspects of business that you should never overlook. Taking the time to understand and implement these legal aspects will help you protect your business and ensure that your business continues to grow and succeed. From understanding the different types of business entities to creating contracts, here are the top four legal aspects of business that you should be aware of.
Corporate Organization
Corporate organization refers to the way your business is structured. The most common corporate structures are sole proprietorship, partnership, limited liability company (LLC), and corporation. This is the most basic aspect of business law, yet it is one of the most overlooked. When starting a business, you must decide what legal structure you want your business to be. This will determine your business’s tax structure, financial risks, and liability protection. Working with experienced lawyers such as https://syndicationattorneys.com/ can help you find the proper legal structure.
Licenses and Permits
Depending on your business type, you may need to obtain a license or permit. Your state government requires these to ensure that you are following the rules and regulations of that state. If you are selling food, providing medical care, or running a transportation company, you will most likely have to have a permit or license. There are many types of licenses and permits, so if you are unsure, your best option is to contact your state government and ask if you will need a license or permit for your specific business. Failure to acquire the proper licenses and permits can have serious consequences. You may have to pay fines, be shut down, and even go to jail in some instances.
Copyright and Trademarks
If you have created original content such as a logo, website, or even photos and videos, you can protect them with a copyright or trademark. A copyright protects original works of authorship such as books, music, software, etc. You can also apply for a trademark for a name, logo, slogan, or any other original content that distinguishes your business from others. You can apply for a copyright or trademark with the US government. You will have to fill out a form and pay a small fee. Protecting your original content with a copyright or trademark can help prevent others from using your content and is a great way to market your business.
Employee Law
Making sure you follow the laws when hiring and laying off employees is a crucial aspect of business law that many overlook. You may think you are being kind and helpful by hiring a friend or family member, but you could violate state and federal laws. You should also be aware of the laws when hiring contractors as well. Specific laws apply to hiring and firing employees. You may not know it, but some laws apply to hiring and firing employees. You may not be aware that you are legally required to provide certain things to employees, such as a break for lunch or an itemized pay stub. You may also be legally required to provide health insurance or vacation time benefits.
Health and Safety
As well as needing to follow specific hiring and firing legalities, bringing even a small team on board makes you responsible for vital health and safety considerations according to the OSHA (Occupational Safety and Health) Act. These will vary depending on your industry but could include providing detailed and unobstructed signage, specialist training, and vital protective equipment. If an employee receives an injury because you overlooked these things, they’re well within their rights to seek help from a personal injury law firm, which could result in costly compensation payouts, reputational damage, and potential closure. It’s vital to familiarize yourself with industry-specific OSHA standards to avoid this. Conducting regular safety audits can also ensure you never stray from legal safety requirements.
Conclusion
Starting a business is an exciting and rewarding experience. While you may be eager to start your new business, it is essential to ensure that you are taking the proper steps to ensure your business is legally compliant. Not knowing the legal aspects of business can have real consequences and costly fines. Taking the time to understand and implement these legal aspects will help you protect your business and ensure that your business continues to grow and succeed.
