5 Important Business Laws for SMEs
There are many types of business laws. Virtually any area of life has an area of law that governs it. Nevertheless, there are some important types of business law that most SMEs need to know.
Here are 5 Important Business Laws for SMEs
(1) Company formation and governance:
This area becomes very important if you want to sell your company or if you and your business partners want to separate.
(2) Important Business Laws: Contract Law:
(3) Important Business Laws: Labor Law:
This is also known as Employment Law. It involves making sure you look after your team, while also making sure no one takes advantage of you. It is another critical area for your business.
(4) Intellectual Property Law:
Intellectual Property sounds like something only tech companies do, but that’s not true. Everyone has Intellectual Property. Your customer lists, your ideas for new products or services and your internal ways of conducting business are all intellectual property. You need to protect them even if you never registered any of them with the government.
Then there is your brand. Virtually all businesses should consider registering their brand. If you have a custom website or application, consider registering a copyright for your code. Even if what you do isn’t high-tech, if you have a unique design, a design patent may be right for you. And while patents may seem expensive, and are often found at many other law firms, there are inexpensive alternatives.
(5) Regulatory Law:
Do you need a license to operate your business? The answer is almost always yes, even if it just means registering with your country. Then, if you do enough business in any other country, you must also register in that country. Also, you may need other licenses depending on your business.
Those are the great ones to know. There are many others, such as litigation, that you can hopefully avoid, but the 5 listed above are the ones you need to think about every day.