Awareness on Business Law and Regulations
Laws and regulations govern businesses in any country and it is wise trade practice to know and adhere to these policies for the smooth functioning of your business. Learning how to handle day to day issues does not require legal assistance and can be done by simply following the rule book. According to the US Department of Labor there are more than 180 laws to protect the right of the employees alone.
Employee benefits, wages, discriminations, safety, health compliance, working conditions, privacy regulations, employment opportunity all falls under the ambit of federal and state employment laws. Minimum wages are defined by the Fair Labor Standards Act. According to statistic from the Department of Labor issued in 2010, over 130 million worker benefit from the Fair Labor Standards Act.
The Employee Retirement Income Security Act protects the rights of the retired employees and ensures they receive health care benefits. The Immigration and Nationality Act deal with work visas and immigrant workers.
The government has taken all steps to maintain fair competition in the business through finance laws. It is the responsibility of the government to ensure that best of goods and services reach the customers. The Antitrust Laws prevents anti-competitive activity. Bankruptcy Law takes care of both the interest of the creditors and the borrowers without taking the expensive legal course of action. According to this law creditors also can petition a business for bankruptcy.
Awareness of climate change is forcing the law makers to design effective environmental regulations and ensure their execution strictly. The Environmental Protection Agency is the custodian of these environmental regulations that are executed by the State Environmental Agencies. Small businesses also fall under the ambit of EPA. There are environmental permits that businesses should acquire depending upon the nature of their business and the impact it has on the environment. Some of the regulations small business falls under includes clean air act permit, endangered species act, clean water act and RCRA permits.
Advertising rules help keep up your marketing promises. Any false claims may lead to violation of the law and can even initiate legal action. Some of the regulations include, truth-in-advertising followed by TV commercials, online advertisements, billboards and newspaper ads. Fair Packaging and Labeling Act calls for all products to list out the ingredients, nutritional factors, packaging date, expiry date. All the information has to be accurate and adhere to Truth in Advertising rules. Advertising regulations are conceived to protect consumer privacy.
Personal information is collected from the employees while hiring and the privacy laws ensure that the private information of the employees is not disclosed to third party. The information includes name, address, social security number, credit card details, bank account number, health issues, etc.
Safety and Health Regulations
The Health and Safety Act of 1970 protects the safety and sanitation of the workers. This is done through regular inspection from the concerned departments. The safety regulations change frequently and the businesses must keep pace with the latest standards by maintain high safety and hygiene in the workplace. The working environment must be safe for the employees and free from hazards that can cause injury or death.
Read also Filing & Paying Taxes