Law plays a significant role in the operations of businesses in society. Laws regulate social behaviour enabling society to run efficiently. Laws also set a standard of ethics and expectations, they also provide rules of conduct. Laws are enacted to enforce the rules of business and to settle the disputes. It should be noted that without such laws, society would not be able to function effectively and commerce would no doubt collapse. General functions of business law appear on the outside to be rather simple and straightforward. However, the United States legal system is very complex.
A developing business must take into account all the laws and regulations that will apply to it. And it must make sure it is in compliance with these laws and regulations. If not, your business might be subject to heavy fines. Keep in mind that business law also governs intangible things like social responsibility and your responsibility to your employees. Here are a few laws that affect business:
- Administrative laws are laws that require businesses to file certain registration documentation. There are both state and local documents that need to be filled out and kept updated.
- Tax law applies to all for-profit businesses. The business’ income must be reported each year to both Federal and state authorities.
- Laws concerning the protection of consumers and employees. Like OSHA safety requirements.
- Anti discrimination and wage and hour laws.
- Laws that protect consumers from fraud.
At Logan Law, we are experts in the fields of business law and can help you and your business. Whether the issue lies in operations, ownership or litigation, we can help sort it all out. For quality business law services in Chicago, turn to us.