If you have finally decided to turn your business idea into a reality, you should have realised that it is no small matter to do so and that there are numerous challenges and obstacles to overcome on the way. Creating a master business plan, working out optimised marketing strategies to take the other established players head on and arranging for finances are some of the key traditional areas that you have to work on.
However, there is another side that is often neglected and that is adhering to the numerous legal aspects that every entrepreneur should know and implement. Nobody wants to be a wilful defaulter in this regard. The consequences and strictures placed by regulatory authorities can be heavy fines and in extreme cases suspension of business.
To make things easy for you at least as far as the legal aspects are concerned, here is a checklist that you will do well to tick off before you start off on your entrepreneurial journey.
Business Laws and Licences
You will need a business licence if you have to legally conduct your business. Get in touch with the local authorities to know whether you need a license or not and the prevailing zoning rules. You can either do this on your own or get a business lawyer to guide you. The second option should be opted for as laws for licensing vary between States and a law firm based in the State where you are located will be able to guide you the best. For example, if you are grounding your venture in the State of Victoria, Australia, get in touch with PB Lawyers, one of the top and reputed business lawyers based in Melbourne. Similar will be the case wherever you are located.
As with Social Security Number for individuals, an Employer Identification Number (EIN) is required for all businesses. Some owners choose not to take this number. In that case, business finances and liability will be clubbed with personal finances and liabilities and you might face unwarranted litigation in your personal capacity should anything go wrong with your business. You will also need an EIN to open business bank account.
Your next step should be to know what taxes you will be required to pay. There are Federal taxes, State taxes, social security, and other Federal unemployment tax requirements. Talk to an accountant as to which ones you will have to pay as an owner and make necessary provision in your budget too.
Your tax budget will also be impacted when you hire employees. The type of employee that you hire and the number of their working hours will have a bearing on tax payable. Hence, look into this factor when making any hiring decisions.
Further, if you are buying property or leasing premises for a retail store, there are some tax obligations that you will have to meet and some will be waived depending on laws prevailing in that specific State. To cut through the maze of complexities, contact expert property conveyancing lawyers such as https://pblawyers.com.au/property-conveyancing-melbourne.php for more information.
There are a whole lot of statutory regulations in this regard. The Fair Labour Standards Act regulates and monitors minimum wages, child labour bans, and maintaining of labour and employee records. Then the Equal Employment opportunity Laws relate to discrimination at workplace based on gender, colour, religion, race and people with disabilities. It also enforces equal pay for men and women. You have to be conversant with these laws or hire highly trained HR managers to scrupulously implement the laws.
There are other aspects of employment laws that you should know about. Provisions of the Family and Medical Leave Act as well as the Occupational Safety and Health Act are two of the most important in this area of Employment Laws.
Workers’ Compensation is very crucial too in the realm of employment laws. Most States have made it mandatory to have employers buy an insurance policy that guarantees compensation to employees if they are injured or take ill at work place. This will also absolve you as the owner of personal liability where your personal assets will be at stake.
Intellectual Property Laws
This is vital for your business if you are developing an exclusive product. In that case, you will surely want to protect it with a patent. It includes your business name, logo, symbols and any other thing that you want to build your brand on. You have to apply for a trademark and get that registered in your name. For digital work, books, music and movies you can copyright your work.
These are some of the laws that you as a business owner and entrepreneur should surely be aware of for the smooth conduct of your business.