Published on May 9th, 2018 | by admin0
James McDonald on all You Need to Know about Business Law
If you want to open a business, there are thousands of things you need to think about. One of those, which is one you should not overlook, is business law and how this affects you. Ignoring corporate and business law could land you in a legal and financial world of trouble. Thankfully, people such as James McDonald are there to help you understand the basic ideas of business law, thereby avoiding you having to hire an expensive lawyer or even completed degree yourself.
James McDonald on Business Law
Open any newspaper or wews website, read any headlines or listen to or watch the news on the radio or television, and you will know that there are businesses in trouble because they did not comply with the various employment regulations and laws. The problem is, however, that there are a tremendous amount of laws and regulations that you have to comply with, making it all too easy to accidentally miss one. The federal laws and regulations you have to comply with include:
The Equal Pay Act of 1963.
The Civil Rights Act of 1966.
The Immigration Reform and COntrol Act of 1986.
The Americans with Disabilities Act.
The Equal Employment Opportunity Act.
The Age Discrimination in Employment Act.
The Occupational Safety and Health Act.
The Bankruptcy Act.
The Employee Polygraph Protection Act Labor Law.
The Family Medical Leave Act.
The Fair Labor Standards Act.
On top of that, there are numerous state laws that you may have to be compliant with as well.
All of this is assuming that you are not currently an international Business, as this will affect you even more. Not only will you have to comply with federal laws, state laws, and local laws, you will also have to comply with import laws, export laws, international business laws, and then all the laws of the country in which you operate.
Additionally, there are online businesses and they also have to meet certain standards. Simple things such as how you keep data, informing your users that you collect cookies, how often you can send information and communication to people on your mailing list, what you do with any financial data, and so on, is all regulated by law.
James McDonald recommends that you speak to a professional business law expert if you are a start-up organization. This will ensure that you do not leave anything to guess work, as you simply cannot afford to guess you’ve got a law right. After all, non-compliance can result in hefty fines and even in criminal charges that have the potential to impact every element of your life for life.
Thankfully, none of this means that you need to go out and hire a permanent business lawyer. Very few small businesses and start up organisation would be able to afford this. All you need is an advisor who has experience and knowledge of business law to provide a short-term consultation that simply confirms you are meeting all the relevant standards.