It’s vital for business owners to stay on the right side of the law. This article highlights five areas of business law that entrepreneurs should be familiar with. The 5 Types of Law Business Owners Should Become Familiar WithIt’s vital for business owners to stay on the right side of the law. This article highlights five areas of business law that entrepreneurs should be familiar with.
DISCLAIMER: This article is solely informational in nature, and it does not provide legal advice. For answers to specific legal questions, you should contact a licensed attorney.
Legal Classification of Business
When starting a business, an entrepreneur has to decide what legal classification their business will fall under. The most ubiquitous legal entities are partnerships, sole proprietorships, C corporations, limited liability companies, and S corporations. For more detailed information on these and other setups, check out the Small Business Administration’s guide on the topic.
Permits and Licenses
Many businesses need a general business license to operate legally. Depending on the nature of your business, it may need more specialized permits as well. State and local websites are a good place to start researching the licenses and permits your business will need to operate.
Every state has employment laws that businesses must follow. Additionally, among other considerations, businesses must also stay in compliance with OSHA rules, unemployment insurance regulations, and tax-withholding rules. To get up to speed on what employment-related business laws your company needs to follow, contact a lawyer who specializes in this area.
Depending on its location and setup, your business will likely be subject to taxation from different levels of government. An accountant can help you keep your numbers up to date so that tax season is easier, and a tax attorney can help with more specialized legal questions and issues.
Trademark law is another type of business law to keep in mind. When you have a possible name, logo, or motto in mind for your company, do some research to make sure another company isn’t already using something similar. Additionally, if you do not want to use your personal name as your business name, you should file a Doing Business As (DBA) form.
Want more information on the business world? Check out Integrity Financial Capital’s other blog posts.