NOTE: Always check with your attorney to be sure you’re following all of your state’s laws as they relate to your business.
Business owners are expected to know the laws and regulations that pertain to doing business in their states, no matter the company size. That’s a lot of ground to cover, but your attorney can help with the specifics. This is a list of general topic areas you’ll need as outlined by the Small Business Administration (SBA).
• Advertising. Getting the word out about your business, legally, is important. Be sure you understand the laws regarding advertising, labeling your products, solicitation, etc.
• Employment eligibility of foreign workers. Understand the laws relating to verification of an employee’s right to work in the United States regardless of industry.
• Environmental issues. Know the EPA regulations that apply to your business to help ensure you’re not making a greater impact on your local environment than allowed, and that you have the proper permits in place.
• Finances. Not only do financial laws involve bankruptcy, but you need to be aware of laws relating to antitrust, securities and other money-related issues.
• Health and safety. Occupational Health Act (OSHA) carries a number of regulations designed to protect your employees’ health and ensure their safety in the workplace. Know which ones apply to your business.
• Intellectual property. Know how to protect your company’s product inventions, trade secrets, etc. through copyrights, patents, trademarks and service marks.
• Internet business. There are a plethora of legal concerns you must be aware of in this realm, including privacy issues, email marketing, e-commerce and taxes for a start.
• Labor and employment. Understand federal and state laws regarding hiring, interviewing, compensation and treatment of employees.
• Privacy. This applies to any business and affects how to protect your customer’s personal information and how to comply with privacy issues regarding minors.
• Uniform Commercial Code. Know what’s involved in conducting business in another state whether it’s buying, selling, getting a loan, etc.
Each of these areas of business law are as important for real estate investors, property managers and others in the REI industry as they are for any business. Learn all you can about them to ensure you’re meeting the guidelines that affect you. Always consult your business attorney if you need any of these laws clarified specifically for your business.
