There are many laws that businesses have to abide by, as well as many voluntary legal measures that are recommended if you want to protect yourself from fraud and deception. Navigating this unfamiliar world of business law as a budding entrepreneur can be a little intimidating. There are so many laws to follow, and so many ways you can be legally exploited.
Fortunately, there are lots of free resources and paid services out there that can help you to get to grips with business law. This guide explains some of the ways in which you can educate yourself in business law when starting a business.
Check federal and state websites
When it comes to understanding the federal laws governing businesses, there are many sites you can use to look up these laws. This government webpage on small business administration has lots of detailed information on various different elements of business law – you should be able to find whatever you’re looking for here..
It’s worth noting that every state has its own individual laws too. You can find information on these state laws at your state website (there will usually be a business section on the state website).
Follow business news
New laws are constantly being introduced and old laws are constantly being updated. By following business news, you can keep up with most of the major changes.
Sites like Bloomberg, Forbes and Business Insider are great sources of business news. Follow these sites to stay abreast of any major legal changes in your industry.
Hire lawyers to help
It’s worth having a lawyer on call when starting a business. If you get sued or need to make a lawsuit against someone else, it’s useful to have a lawyer you can rely on. Lawyers can also be worth hiring simply for legal advice – they’re likely to be able to help you with tasks such as writing contracts, choosing a legal structure for your business, applying for trademarks or simply understanding which licences and permits are needed when launching a business.
Hire a lawyer you can trust. Many legal firms will have websites such as this Zarwin Baums review site that explain everything you need to know about the firm. It’s worth also checking reviews and asking people for recommendations. Make sure that their area of legal expertise is relevant to your needs and your industry.
Get help from other professional advisors
There are many specialist professional advisors out there who can help you to meet legal requirements and take precautionary measures. For example, when it comes to tax law, it’s often worth talking to accountants or financial advisors. When it comes to health and safety, there are specialist health and safety advisors who can help you to meet the requirements of your industry. When it comes to cybersecurity, there are business IT consultants that can help you meet data protection laws.
As with hiring a lawyer, it’s worth doing your research when hiring the professional advisors in order to find one that is right for your industry and your needs.