Business and Law – Things to Know

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

When you have a business, you need to be prepared for everything. Whether you’re the owner of a small or a big business, knowing the law is certainly crucial if you care about your safety, as well as the safety of the company.

While many people are focused on the idea of launching a business, they may forget that the legal aspect is also extremely important. The process of creating a business plan should include legal issues as well, so you can be prepared for anything. That being said, here are a few things about business and law that you should be aware of.

Business Licensing Is Necessary

There’s one thing that is a must when opening a business – the business license. When you’re looking to start a business legally, then you may not be able to do it without having a license.

To be sure, you should call the local city government and ask about it. On top of asking about the license, you should also see if there are any zoning rules worth knowing about. Also, the Small Business Administration website will be very helpful when it comes to state and federal licensing. You just have to access the links that apply to your business.

Workers’ Compensation

Having workers’ compensation for your employees is very important. Employees might get hurt at work and it’s your job to ensure that they get compensated as they should. So, you have to buy an insurance policy that will compensate employees if they ever get injured at work or become ill due to exposure to certain things at work.

Otherwise, your employee may seek legal action with a Portland personal injury lawyer.

Intellectual Property Protection

It is extremely important to protect your new product with a patent if you develop it. This way, you’re safeguarding your intellectual property. Other than that, you can also protect your logos, business name, and symbols. It can all be done by applying for a trademark.

The United States Patent and Trademark Office can help you in this regard. Other than that, you can seek help from the United States Copyright Office if you wish to copyright movies, books, musical pieces, digital work, and anything of the sort.

Protecting Data

In case your business has to collect any personal information from customers, then protecting it at all costs is necessary. You will need a proper security plan to help you with that. Moreover, you should only collect the data you need.

Knowing the Taxes

You’ll have to pay taxes as a business, whether your staff has one or more members. So, you should go over the requirements for social security, federal tax, federal unemployment tax requirements, Medicare, and others. Other than federal taxes, state taxes may also be necessary, so make sure you look into everything you need for your business before establishing it.

Final Thoughts

Knowing about business law before opening a business is a must if you want your company to function properly. Keep the tips above in mind and you should be able to protect your business.

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