The first step of success in building a business is a keen understanding of business law. Business law is made up of the regulations governing many aspects of running a company including:
- Business operations
An attorney proficient in business law will help you avoid future litigation by helping with transactional work and compliance with your state’s business laws. Although regulations vary by state, there are some common business laws that may apply to your business:
- Employment and Labor Law
Labor laws govern businesses with employees by enforcing minimum wages and salaries, a ban on child labor, maintaining employee records and establishing rules for overtime.
- Finance Law
FInancial rules are established to protect businesses, employees, investors and customers in case you have to file for bankruptcy. Finance is at the heart of a successful business.
- Privacy Law
Privacy law asserts that businesses that collect sensitive information about their customers should maintain confidentiality through a solid security plan. This law also has an impact on employee/employer relations. If something occurs in this legal area, seek an experienced business lawyer.
- Workplace Safety and Health Law
A successful business relies on having a safe work space for employees free from hazardous situations/objects. A business law attorney can assure your compliance with OSHA and related regulations for safety in the workplace by helping you shape safe company policies.
- Advertising and Marketing Law
Advertising and marketing could make or break your business. A business is legally required to tell the truth in their claims, they’re expected to produce “truth in advertising”.
- Online Business Law
Believe it or not, the internet is regulated by business law. Some laws are in flux which indicates that the help of a business lawyer may be necessary in navigating this terrain.
- Intellectual Property Law
If you leave your intellectual property unguarded, you could lose your company and investors to competitors. First you must file a patent to protect your ideas, then trademark your business name, logo and any symbols. Your attorney can draw up the paperwork to protect your business.
Understanding the laws around business is essential for every company, however, it is impossible for everyone to be an expert. Even mistakenly breaking a law does not eliminate your liability. Fines or jail time can result from misconduct. Thankfully hiring a business law attorney such as the Business lawyer Memphis, TN locals trust will help you avoid such repercussions and allow your business to flourish.
Thanks to authors at Patterson Bray for their insight into Business Law.