Starting a business is a scary feat that puts your own time and money at risk. For new business owners, getting your company up and running and acquiring those first few sales is all they can think about.
The issue with this plan, however, is that it does not take into consideration how important the law is. You need to know the law, you need to adhere to the law, and you need to stay up to date with the law. If you don’t, you risk breaking it, being fined, or even imprisoned.
The fact of the matter is that you can break the law without any malicious intent. Simply not knowing what you’re required to do and not adhering to changes can put you and your company at risk.
Know the following, so your business (and yourself) abide by the law.
The Tax Laws Applicable to Your Business
It is best to know the tax laws before you start your company. For example, in the UK, VAT applies on all businesses that surpass the £81,000 legal threshold. It is also important to note that tax changes from year to year, so stay on top of all of them, especially in the retail industry. Be updated by checking different tools and guides on taxes in the retail, manufacturing, or any other business industry..
Insurance You Must Have
You cannot operate without insurance. If you have an office, you must have insurance. If you have employees, you must have insurance. If you have a retail store, you must have insurance. Know the insurance you must have, know the insurance you should have, and find the best coverage for both.
Data Privacy You Must Adhere To
Since the General Data Protection Regulation (GDPR) came into effect a lot of chaos has ensued. What does it mean for your company? How must you adhere to the new laws? The biggest issue with this act is that it applies to companies all around the world whose sites can be accessed by European citizens. It is therefore critical that everyone hire data protection solicitors to go through the law requirements and make the necessary changes to their data policies immediately.
Environmental Protections
The environment is a top priority for people around the world and it is a mistake to assume that it is optional for you. France has already banned all single-use plastic cups, cutlery, and straws to be in effect from 2020 onwards. Though there is some controversy on whether or not this is a legal move, it can be safe to say that other countries will follow suit. The citizens of the EU know how big a problem plastic is, and marches are organised around the world several times a year encouraging policy makers to take action and force stricter environmental protections. Taking a proactive stance can save you from a fast turnover period and be used to bring in new customers.
Employee Rights
Employee rights are ever evolving and always changing, which is why you need to be on top of all these changes effective immediately. In fact, do your employees one better and aim for a fair company culture that pays their employees at least the living wage in your area.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
