Business Law Can Protect Small Ventures: Here is How

OlufisayoNovember 5, 201401,051 views

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Business law is complex and challenging. For the average entrepreneur getting to grips with the world of business, law can have a baffling effect on the brightest of minds. No one said that the world of business was going to be easy. But, becoming a lean, mean law machine was probably the last thing on your mind.

Relax.

While business law can be complicated, it can positively help the smaller business. If you are the CEO of a startup or SME, business law can be a huge help to your business. Here are some basics on business law and how it can help you:

Business Law: Protecting Your Interests

While it may seem that business laws are there to protect the despicable, this isn’t the case. Cast aside your negative thoughts on business laws. They are in place to protect your interests.

Business law may be shrouded in legislation, but it can help you protect your business in a very real way. Legislation that is in place can ensure that your employees and competitors are not harming your venture. Data protection, fraud and embellishment can all be dealt with, within the parameters of the legal world. But, consumer contracts and supplier contracts also form part of this legal framework. In short, business law can help your business thrive. After all, you don’t want to be at the behest of rogue traders.

In a world that can be fraught with problems, you can be rest assured that your business is protected against financial issues. Lexis Nexis have a wealth of information on this topic, should you want to find out more.

The breadth and scope of business law can be overwhelming. Here are some of the major issues that small businesses face.

Contracts Law

When you are faced with a new supplier or client, it can be a challenging yet exciting time. You want to iron out the details and make sure that you are all in a good place to start trading. Contracts law ensures that all parties meet the service level agreements. Commercial discussions may take place regarding payment, costs and time frames. These will be documented accordingly. In some cases, you may need a certificate of incumbency to confirm the authority of a company’s representatives to sign contracts or make decisions on its behalf, ensuring all agreements are legally binding. If the terms of the service level agreements are not met, you are in a safe position to take legal action under contracts law.

Health and Safety

Health and safety laws have been something of a burden for many small business owners. But, they can ensure that you are not met with a hefty lawsuit. By following health and safety rules, you need to give your workforce a positive, safe working environment. By doing this, you can ensure that you are in the money. Maintain your workplace. Provide PPE. You will be in a safe place to avoid these kinds of lawsuits.

Employment Law

Employment law is far reaching. But, the basics request any employer to treat their staff fairly. You cannot discriminate against employees on the basis of their skin, gender or age. Introduce fair working policies and make sure that you are an equal opportunities employer. Not only will your business thrive because of this, but you will be seen a force to be reckoned with in the business world.

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