Small business owners often believe they have a good handle on the laws surrounding their business. They’ve looked into the ones that seemed to be the most important ones for them and may even have a lawyer they can contact if they have any questions. Yet, they might be surprised to learn they don’t know as much about the laws as they should and that they could be making mistakes today that could have a significant impact on their business.
Based on the number of employees a business has, does there have to be worker’s compensation insurance for the employees? If an employee needs to be fired, is it legal to fire them and could there be any repercussions for doing so?
Employment laws cover everything from hiring employees to what the employer might need to supply, and more. A mistake in this area could lead to a costly lawsuit that could threaten the business’s ability to stay open.
If a supplier doesn’t show up with the products the business needs, what can be done? Is a lawsuit the right step or does there need to be mediation? If a contract needs to be canceled, what needs to be done?
Contract law is very precise in what is allowed and not allowed, yet there are contracts created every day that are not legal or that have parts that are not legal. It’s important to understand what can be in contracts as well as when they can be broken without a financial impact on the business.
Intellectual Property Laws
Can a picture be borrowed for the business website? What can the business do if someone else is using their name? Intellectual issues can take significant amounts of potential profit from a business, so they need to be dealt with swiftly.
They can also cost the business significant amounts of money if the business is using something they don’t have the rights for. Business owners have to be sure they understand what intellectual property is and when there might be an issue.
The Law Can Make Or Break Your Business, So How Well Do You Know It? It’s crucial to have at least a basic understanding of laws dealing with businesses. If a business owner is not sure they understand something or if they have a question about anything, they’ll want to seek help quickly.