If you are beginning your journey to becoming a business owner, there are a lot of important steps to solidifying the process and knowing what to look out for. Here are some important laws that every business owner should be aware of.
There are many business laws regarding retirement, welfare and labor that affect you as an employer. Thankfully, the US Department of Labor has many resources and guides to configure labor laws and what applies to you and your business.
Some of the most common laws to stay keen on are the FLSA, OSHA and the EEOC.
- FLSA, or the Fair Labor Standards Act, deals with standards of overtime and wages to pay an employee. It requires employers to pay at least the minimum wage to their covered employees as well as overtime pay.
- OSHA is the Occupational Safety and Health Act, which protects employees from a dangerous work space. It requires employers to provide a safe and danger-free workplace. OSHA is enforced by regular inspections and investigations of the workplace to make sure it meets federal guidelines.
- EEOC covers the Equal Employment Opportunity Commissions, a law that only applies to a business with 15 or more employees. It enforces that employers not be influenced by race, religion, gender, age, disability and other elements during the hiring process.
The fun stuff begins with making a new logo and branding your business, but a lot of paperwork and laws come with it, as well. If your business is involved in creating a new product, you have to think about protecting it with a patent. You can also apply for a trademark to protect your symbols, slogans and logos.
Most small business owners have many questions about government taxation laws. Every business or company registered with the US must pay federal taxes. Avoiding them or outright not paying them is considered a crime and can put you in jail. The first and most important step in knowing what you have to pay, when you have to pay and how.
There are four taxes that you need to be aware of: income tax, estimated tax, employment tax and excise tax. Each of these comes into play when you start your business journey and not all businesses are the same. But familiarizing yourself with each of these will make your taxation process easier and you can move forward with less headaches.