When you’re starting your first business you may not think that the law will play a big role in what you’re doing. However, there are laws when it comes to running businesses. There are different ones for different businesses, so you will need to do some research.
Do you need to be licensed to run the business you want to run? Is it legal to run it out of your own home? These are just a couple of the important questions that you need to ask yourself, and then, know and do the following.
Have A Lawyer On Retainer
One thing you should be doing a s a business is having a lawyer on retainer. You want to have some backup, if you need it, even if at this moment you don’t feel like you will ever actually need it. If someone is injured because of your business or something you’ve sold them, having that lawyer ready to fight for you will save you a lot of pain and stress.
You want to make sure that you have a lawyer that works with businesses of your type on a regular basis. This will ensure you have someone on hand that can help with whatever types of problems your business may have.
Make sure your business has insurance. If you have a brick and mortar business and someone slips and falls, you will be responsible. How much your business needs to pay will depend on the insurance that you have.
Health insurance is also important, for you and for any employees that you may need to have. Look into it if you have employees, and make sure to find some for yourself. You don’t want to be paying hospital bills out of pocket if you get sick.
Know The Laws
Know what the laws are for your business type. Can you legally cut someone’s hair out of your own home? If you can’t, and you are, you could lose your business license.
You can easily research online on what the laws are for your business type. Do it before you launch or you could lose your business. Don’t skip this research just because it will take a little work, it’s better to spend that time wisely than lose your business because you were lazy.
Check Your Licensing
You also need to research whether you need to be licensed to do the job that you want to do. Different states and different countries have different laws when it comes to licensing. You could get sued if you do a job without one when it’s required where you live.
You also want to pay attention to the expiration dates on your licensing. You may need to renew yearly or every three years. Don’t let your license expire or you may have to pay more to get it back.