Most people do not study at law school and will therefore not have had a great deal of practice at actually reading the laws that govern their lives every day. They will have less experience yet of actually implementing the mandates and conditions of laws that apply directly to them. However, this is exactly what you need to do when you run your own startup. If you read the news, it might seem that small businesses are subject to way more obligations that the massive corporations who have a lot of leverage with important people who write and guide the direction of lots of the laws of this country. Whatever you think of the political industrial complex, the fact remains that if you do not make yourself aware of the laws that apply to you, you could find yourself suffering as a result. Every small business owner will know the threat of being sued is quite real. You only have to turn on the television to find adverts for lawyers who go out of their way to advertise themselves to people who may or may not have a legitimate claim of negligence against just about anyone. Whether that person has a good case or not, you will still need to spend lots of money defending yourself in court. It is an exhausting, expensive process that is better avoided. That is why you need to learn about the codes and statutes that apply to you and make sure you are compliant. Here are a few of which you should be aware:
- The Occupational Safety and Health Act of 1970 was passed by President Nixon and has had a massive impact on the day to day wellbeing of millions of Americans. It has also ensured that millions of employers have had to spend lots of time and money making sure that their offices and work sites are compliant. Laws are notorious for being written in a different language: legalese. It is quite difficult to know exactly what you need to do to pass inspections. That is why you should think about getting a relevant msds binder. This will tell you exactly what the law expects of you and how to do it.
- Paying your employees enough is a matter of your discretion, to a limit. That limit was codified in the Fair Labor Standards Act of 1938. Since 2009 however, employers have had to pay their employees at least $7.25 an hour, and some legislatures have tried to increase it again. For workers who fit the criteria of the act, they are also guaranteed time-and-a-half for any overtime worked. Failing to fulfill these responsibilities could lead to employment tribunals and a lot of unwanted attention.
- At the time of writing, President Trump’s hasty, ill-considered AHCA has passed through the House of Representatives on its way to a much tougher time in the Senate. Until the time that it passes (if it does), ObamaCare is still in effect, which means that companies with over 50 full-time employees have to offer them some sort of affordable health care or face a substantial fine. It is in your best interests though. The cost to the US economy each year as a result of sick days is $576 billion.