- November 21, 2018
- Posted by: smefuture
- Category: Starting a Business
Now when you are all prepped up with your new venture, don’t forget that to launch any business, adherence to local laws is mandatory. Here we bring to you some of the business laws useful for every entrepreneur. Take a quick look.
The first and foremost to start with is to procure a business license based on the type of your business. A license can be obtained only by having a single person as the authority. There are no means and ways to transfer a business license between cities or countries. When location of the business changes, the former license should be cancelled from the old jurisdiction and the new one to be obtained in the new appropriate jurisdiction.
LABOUR STANDARDS ACT AND EQUAL EMPLOYMENT OPPORTUNITY LAW
The former act is all about treating employees with dignity and grant them enough freedom, the most important being freedom of speech. They deserve a minimum wage and overtime duty for which they should be paid extra. The Indian Child Labour Laws and Regulations prohibit employing children below 14 years of age, and children of age group 14-18 from being in any hazardous occupation.
The latter Act states, irrespective of race, colour, religion, sex or nationality; people should be respected not for who they are but for what they are and be given equal importance and rights, which also include transgenders and people with different abilities.
FAMILY AND MEDICAL LEAVE ACT
On account of the illness of an employee, one may avail unpaid leave up to 12 weeks when there is disability in performing his duty and requires submission of a medical certificate. For a family member’s health issue, an eligible employee may be granted up to 26 weeks of leave and must provide 30 days advance notice when the leave is foreseeable.
Under the Worker’s compensation act of 1923, it is the duty of the employer to get an insurance policy for each employee. It includes medical assistance, which is to be provided if an employee gets injured or becomes ill due to workplace exposure; and the temporary disability benefits, which the employer provides when there is loss of wage due to the injury. The labor law has several programs designed to prevent work-related injuries and illness, therefore, it is the duty of the employer to adhere to all these rules and regulations for the well-being of the employees.
AT-WILL WORK DOCTRINE
Like a coin has two sides this at-will doctrine is of great advantage to both the sides. This act talks about the rights of both employer and employee towards each other. The employer can fire the employee at any time for any reason except for a few exceptional cases where the employer cannot fire for illegal ones. Likewise the employee can also leave the job at any time. Hence, this law is of benefit to both the employer and the employee.
TAXES AND HIRING EMPLOYEES
Irrespective of the number of employees a company has, one or 100, there are mandatory taxes to be paid like federal tax, social security, medicare, and federal unemployment tax. In addition to all these federal taxes, there are state taxes as well, per the size of the business. The number of employees affect the taxes. The amount of time an employee works makes a difference when it comes to tax, so proper care must be taken when it comes to determining and paying the tax.
ADVERTISING AND MARKETING LAWS
When it comes to marketing and advertising everybody thinks it is all fake, just as it sounds. So to change the way how it is portrayed it is necessary that as per the law the advertising and marketing factors must be truthful only then a business can gain valuable customers. For every business, the customers are considered to be the backbone, no customers, no business therefore being truthful is very important.
If your business collects any sensitive data, it is very important that the data must be protected by a sound security plan in the business area. How much ever security is there it is very crucial to protect the information in today’s scenario, in spite of keeping the data under lock and key, collecting the information what is necessary is the best.
PROTECTION OF INTELLECTUAL PROPERTY
If the business is where new products are being developed it is very important that the product is being patented. Business name, symbols, logos can also be protected from others using the trademark rights. Anything and everything can be protected with the help of intellectual property rights.Therefore, these are the basic laws and abiding by these can make you succeed in your area.