Employment Law Is An Important Part Of Business Law

Business law is one of the branches of the huge field of law. There are many things one has to keep in mind when starting a business; let it be a small or a large business. Breaking these laws may land you in deep trouble, so it is always advisable to have some basic knowledge of both small business law and business corporate law. With this knowledge, you are sure of being able to run your business smoothly without any hindrance from the law whatsoever!

One of the most important areas to consider in business law is employment law. If you don’t comply with all the employment laws and regulations, it is highly likely that you will end up in lots of trouble! There are different laws that actually rule the employment basis of both the regular employees and the contract employees of a business. Some of the employment business laws that have to be met by you are FLSA, the Fair Labor Standards Act, The Immigration Reform and Control Act of 1986, Americans with Disabilities Act, the Civil Rights Act of 1966 and the Equal Pay Act of 1963. However, these laws are not connected to the various state employment business laws that you may find to your business! These laws are a different thing altogether. To confirm that your business meets all the employment laws, it is always better to checkup with your HR department.
To run a business, it is important to have a business permit or a license. If you do not have one, there is a high possibility of you having to shutdown your business and to pay hefty fines and penalties. Moreover, in addition to federal business law it is required that you meet the state business law regulations too. And if you have an international based business, you have to be aware of the different international business laws and how they can affect your business, you and your bottom line. You at least have to meet the general international business laws, import laws, any specialized export laws and laws of the country you maintain business with.

Those running online businesses may be of the impression that there are no business laws pertaining to the internet. However, this is not so. There are many internet and online business laws that have to be followed to maintain any online business. The reason for these laws is that the internet explosion over the past decade has forced the government to introduce internet compliance laws to maintain some law and regulation over the internet. So if you by any chance run a website make sure that you abide the internet business laws. If you don’t do so, there is a high possibility of your site being shut down and of you, in the mean time, facing criminal prosecution and huge fines.

Remember that it is not advisable for you to try and comply with all the business laws on your own. There are numerous laws, and the best mode of avoiding falling into any trap would be to get the help of some professional business law firm. These tips are just to give you an idea of the types of business laws existing. However, even if you do hire a business law firm, it is also better, and important for you to have some basic knowledge of business laws!

How Can A Business Law Attorney Help You?

Getting started with your own business, even if it is just a buy and sell small business, is not as easy as simply financing for it and selling. A business requires that you invest money in it and make it grow. The money you invest is rarely so small a sum that, if lost, you can easily get over. Rather, it is usually a significantly large amount of money. Because of this, there is also a need for you to protect the security of your business. The way to do it is to hire a business law attorney who will be able to help you get started and assist throughout your business’ life.

In getting started, a business law attorney will be able to help you secure business permits and other legal documents to make your business fully operational without the fear of having to close down because of any possible violation. They will be able to educate you and your business partners about the different laws you need to know and how to oblige by them. A business law attorney will help you deal with your clients, customers and business partners in a secure way. They will help you with the different contracts involved and educate you on the different taxes you need to comply with and other fees. They will also educate you on Uniform Commercial Code, Competition Law, Financial Regulation and everything else you need to know. Moreover, they can help you create an effective and secure contract between you and your employees so that you are guaranteed they will not turn against you and your business. They will help you secure the satisfaction of your employees and yours as well.

In managing your business, a business law attorney will be able to help you secure every transaction by making sure everything goes through the right and legal processes. In cases of customer complaints, a business law attorney will also be able to help you deal with them. They will make sure that everything is well taken care of so that your business does not end up closing down. He/she will also be able to help you update your taxes, permits and contracts to ensure an ongoing business.

If you decide to grow your business, a business law attorney will be able to help you comply with all the legal documents you need. If in case you need to close down your business due to bankruptcy or other reasons, a business law attorney will be able to guide you in preserving your rights and benefits so that you do not end up totally broke.

A lot of people these days who are trying to get started with their own business do not find an attorney necessary until they find their business in a seemingly endless legal problem. But if you ask the most successful businesspeople, they will tell you that the two professionals that actually greatly contribute to the success of any business are its accountant and business law attorney.

The Best Advice is Your Own Advice

When it comes to dealing with the recession, the best advice is your own advice, with one huge and important footnote-you have to know what you’re talking about. It is sometimes said that in a court of law a person who chooses to represent themselves has a fool for a lawyer. Because of the complexities of the law, and the extensive schooling required to obtain a license to practice it, serving as your own lawyer doesn’t make much sense. You’re not really qualified to do it, and the outcome is almost invariably disastrous.

Financial advice on the other hand is much different. Although some financial advisers operate on a straight fee basis, more often than not a financial adviser is paid a commission. They profit from anything that you buy based on their recommendations. The more they get you to invest, the more money they make. The potential conflict of interest that this creates is clearly obvious.

The problems that this sort of relationship creates come into stark focus when considering personal financial security in the face of a thundering recession. Many people have lost millions of dollars of wealth over the past several years as the recession has caused the economy to crumble around us. Unfortunately, very few financial professionals, including investment advisers, saw this coming. Consequently, many people were caught short with bad investments that ultimately lost value.

A study of financial professionals shows that less than 5% of people who use a professional adviser have a written financial plan in place. We’re not talking here about the general thoughts and advice of the adviser, but instead about a written document that defines a detailed and actionable financial plan. This is an astounding statistic because the very first step in creating long-term financial security is to build a solid financial foundation. And the very first step of building that foundation is to craft a comprehensive plan.

This is why in planning for your financial future, the best advice is your own advice. Nobody cares about you like you do. Obtain a financial education that enables you to understand how money works, and the best investment strategies for use during a recession. Only when you are able to make your own investment decisions, will you be able to realize true and absolute financial security. Once you know what you’re doing, start giving yourself good advice.