The business laws 6 through 10
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Today in our 2nd of the 3-part series, I’ll be covering #6 through #10 of the 15 business laws every entrepreneur should know. So let’s get started.
- # 6 - At Will Work Doctrine
- At will employment means that an employee can leave a job whenever they want for any reason, and employers can terminate an employee for any reason without notice or cause. The intent of the at will employment doctrine is to prevent wrongful termination and employment lawsuits between employees and employers.
- # 7 - Obtain an Employer Identification Number (EIN)
- The Employer Identification Number, also known as the Federal Employer Identification Number or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service to business entities operating in the United States for the purposes of identification.
- # 8 - Know the taxes you have to pay
- Review the Federal Social Security Tax. A Social Security tax is the tax levied on both employers and employees to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for the retirement, disability, and survivorship benefits received by millions of Americans each year.
- Review the Medicare tax.
- Review the Federal Unemployment tax.
- You’ll want to talk with an accountant or CPA about these obligations and figure out a budget to make sure that you’re compliant with these taxes.
- Review your State Taxes.
- # 9 - Hiring Employees
- # 10 - Truth in Advertising and Marketing
- This law requires that all advertising and marketing be truthful. When consumers see or hear an advertisement, whether it's on the Internet, radio or television, or anywhere else, federal law says that ad must be truthful, not misleading, and, when appropriate, backed by scientific evidence.
I really hope these five business laws have been useful for you. You know, it’s your responsibility as a business owner to make sure you cover yourself financially and legally.
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Kelly Bagla, Esq.
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