Every state has many specific laws that pertain to conducting business. Companies both large and small are expected to understand and be cognizant of rules and regulations that cover the general regulatory arena of business operations. The Small Business Administration has published a general list of seven highly regulated areas any business owner needs to study and understand. A good business attorney should always be consulted if further clarification is necessary.
Environmental Issues
In any business, but especially in those that create lots of waste, it’s critically important to understand the applicable environmental laws. Proper permits are essential as owners assess the future environmental impact of their businesses.
Finances
There are a multitude of laws that regulate banking, the issuance of securities, the handling of funds, payments of taxes and the practices of borrowing and lending. These regulations can be local, state-mandated or federal and they may overlap. A mistake in one of these areas, especially concerning the timely payment of taxes, can be very costly.
Internet Business
Any company that conducts online business must be aware of email marketing guidelines, privacy issues, sales tax requirements and some individual state regulations that pertain to selling from a website.
Employment
This is one of the most highly regulated areas of any business operation. Executives must understand the specific discrimination laws of every state where the company conducts business and be cognizant of the federal laws regarding hiring, firing and the general treatment of employees.
Safety and Health
There are local, state and federal rules that protect all employees from unsafe working conditions. Entrepreneurs must make sure the workplace is in compliance, and take steps to ensure that the company is aware of any rule changes and yearly updates.
Privacy
Businesses, especially those who collect customer information, are advised to take steps to protect the privacy of customers as required by federal law. Regulations dictate the safekeeping of credit card numbers, for example, and companies who fail to perform the required tasks can be heavily fined.
Intellectual Property
If a company does not protect its trademarks and trade names, other businesses can find ways to legally use them. Owners should understand the details of trademark, patent and copyright law.
Operating a successful business entails more than merely producing and selling products. Good business owners must make a serious effort to understand the basic rules and regulations that govern their particular businesses. A quality business attorney should always be consulted for clarification of any laws that specifically pertain to a particular company.