In the present world business plays an important role in every sphere of life. Business determines one’s life style, standard of living, education and even cultural standard. So to lead a bette-r life we need to understand business and study business. Business is dynamic – always changing. Coping with both predictable and unpredictable events can be easier, more efficient, and less traumatic if we understand business. Study of business will help us to understand that today national economies are no more independent entities rather interdependent and taking an uniform global shape, economic depression in U.S.A. has an impact on the whole world, business and global warming are not different issues, war in Iraq or Afghanistan has some kind of link with business, China becoming a factor in the world economy because of excellent business skill and the system known as “Free Enterprise”. However the road to success will be easier for those who understand how business works.
As business is an indispensable part of life there should have some rules and regulations to control and operate it in a disciplined way. In order to do so business laws have been introduced. And in the present world business firms must operate within the boundaries of laws and government regulation. It is important for all business owners to know and understand the laws that affect their businesses. It is equally important to comply with those laws. Ignorance of the laws has never been a valid excuse in any Court of Law, and it never will be. As a business owner, it is your responsibility to know what laws affect your business.
Since every business, in every state, in every country is different, the laws that affect your business may be different than the laws that affect other businesses. For that reason, it is impossible to give an account of all laws that affect all businesses. You will need to find out what the laws are that affect your business, however, these tips will help you know what questions to ask in regards to certain laws.
If your business is a sole proprietorship, you may need a DBA certificate, and a business license for the city you are doing business in. Corporations have other requirements, which also vary from state to state. Find out what laws affect you based on your business structure.
It is illegal to operate certain types of businesses in certain areas. Check with your local zoning commission to find out where you can operate the type of business that you have.
Licenses and Permits:
Different businesses may require specific licenses and permits. Make sure you have all the necessary licenses and permits specific to your business.
Laws specific to Corporations:
There are many tax laws and other laws that are specific to corporations. These laws vary from state to state, and generally affect how the corporation is set up, managed, and how stocks and securities are handled.
If your business handles chemicals, hazardous wastes, or other materials that affect the environment, the Environmental Protection Agency will have laws that affect your business.
Employment laws will affect how you hire employees, how you pay them, and how you treat them. Failure to comply with employment laws will almost always result in a lawsuit, or an investigation by the Labor Board in your state.
There are too many tax laws for most business owners to keep up with - unless they are tax professionals. In order to comply with the tax laws, it is best to hire a tax professional.
Business and Contract Laws:
Just as tax laws are complicated, contract laws are complicated as well. Protect yourself and your interests by hiring a business lawyer to help you comply with these laws, and to use these laws to protect yourself...