Are you ready to launch your pet project and make your dream a reality? If so you should be knowing that there are a lot of things to take care of – drawing up business plans, finding a location and arranging for adequate finance are just a few of them. But what potential entrepreneurs often ignore is the many business laws that have to be implemented from the very start. Bypassing this very crucial aspect can land you in a lot of unwarranted litigation and lead to heavy fines and in worst case scenarios even closure of business.
Here is a list of business laws that affect every business and ones that you should definitely be aware of. They have been categorised into areas they pertain to.
To legally start any business the first thing that you will need is a business licence. The laws in this regard vary from State to State and you should call the local city council authorities to know what is prevailing in your area. Knowing about zoning rules and Federal and State licensing requirements is crucial. If you find the rules too complex get professional opinion. Top business lawyers practising in your State will be able to advise you and take up the work on your behalf. For example, for starting your venture in Melbourne, Victoria contact PB Lawyers one of the leading law firms in the State.
There are many aspects to it. The Fair Labour Standards Act regulates child labour bans, minimum wage standards and overtime rules. The Equal Employment Opportunity laws relates to monitoring of any discrimination on the basis of sex, colour, race or religion. It also ensures equal employment opportunities and pay for men and women. The Family and Medical Leave Act covers rules all employers must follow when dealing with an employee with a medical condition or a family member with a medical issue. It includes quantum of time off that must be given and compensation if the need arises. You should know about the laws related to workers compensation too in cases where employees are hurt or fall ill due to exposure at work place.
Online Business Laws
Even a decade back this side of business law was not that important. Today, in the digital age, you have to have an online presence if you have to be successful. Most reputed brick and mortar stores too have branched out onto ecommerce platforms to make the most out of the booming online shopping segment. For sales tax collection, the laws stipulate that you collect the tax in accordance with the laws prevailing in the State where you have your warehouse, office or store. Further, online shopping is not limited by international borders and a business situated in Country A can sell anywhere in the world. In that case factors to contend with include shipping, customs and various taxes. Consult experts if you are in this business category.
For filing business taxes, you will need an employer identification number. Much of the paperwork has been cut off from the process today and you can get one quickly by filling up and submitting the necessary forms online. Knowing the taxes you have to pay both at the Federal and State level is crucial. You can visit the site of the tax authorities where you will get a detailed breakdown about your tax responsibilities as an owner. You should also work out your tax liabilities in consultation with an accountant just to be sure that you are getting it right and to eliminate the possibility of being slapped with heavy fines and stiff penalties in future.
These are some of the basic tax laws that every owner should be aware of.