Creating your own business is one of the most exciting times of your career. However, you need to be aware of the most fundamental laws and regulations to avoid running into trouble. Let us take a very close look at five basic business laws that you should be aware of.
1. Business license
To start things off, a business license is required for running a business. While this might seem like a basic concept, it can be overlooked by someone who is starting their first business. As an entrepreneur, you don’t want to be making mistakes from your first day on the job. Take some time to acquire a license legally and get everything set up for your business. Once your license is in place, you will hardly have to worry about it down the road. There are times when inspectors or visitors will want to see your license. You can either pull it out from a drawer or proudly display it on the window of your business.
2. Workers’ compensation
Workers’ compensation is also required for all businesses in the country. The workplace can be hazardous at times depending on what type of materials you are working with. In addition, accidents can happen even in a simple office environment. When your employees run into trouble, you need to cover at least some of the expenses. Workers’ compensation ensures that your employees aren’t left out to dry in regards to medical bills and transportation. Workers’ compensation has evolved over time to favor the worker to varying degrees. Today, it is a fair way of ensuring that there is a positive, trustful relationship between both parties.
3. Telemarketing sales law
The telemarketing sales law mandates a basic sense of descent when doing sales from afar. All items must be shipped within 30 days to the buyer. If an order can’t be filled, the law requires that a full refund must be issued. If a product is delayed, the seller must provide a delivery notice so the buyer isn’t left stranded. To achieve good customer service, there’s a good chance that you’re doing all of the above anyway. In particular, this law is important if you are constantly working online. Telemarketing can be tricky to negotiate, and you need to follow the rules at all times. It’s very easy for a client to provide proof that you violated one or more of these laws.
4. Fair labor standards act
The fair labor standards act regulates minimum wage for all employees. It ensures that your business is paying workers a minimum amount to sustain living in the area. The act also enforces overtime rules that ensure that employees are paid for every second they are on the job. Finally, the fair labor standards act prohibits child labor in the vast majority of situations. In a nutshell, your business needs to hire and contract employees in a fair manner. Because the clauses of this act can vary depending on your city, you will want to contact an authority with any further questions. For example, you might reach out to a law practice in Birmingham to get up to speed.
5. Equal employment
Equal employment opportunity laws prohibit discrimination based on race, color, religion or sex. When you are looking to hire, your primary goal should be to find the most qualified person for the job. Discriminating based on their character is strictly forbidden, not to mention a bad practice at its core. When applicants know they will be treated equally, they will place confidence in your business and its morals.
In conclusion, these are a couple of basic business laws that you should be aware of. Although you might not be an expert in the legal field, basic knowledge of these laws goes a long way. You’ll keep your business out of trouble and on a path to success.