Keep Abreast of all Legal and Ethical Issues before Setting up a New Business A businessman is bound to encounter challenges every now and then while running an organisation or even a small business. Although issues related to financial, human resources and marketing are common, ethical and legal issues usually loom large for business managers. So, a cool solution is to meet legal responsibilities and follow a code of ethics that results in the omission of hindrances to oneâ€™s success and prosperity. So, are you managing a very small business of your own and facing legal and ethical issues on almost a regular basis? If it is so, take a look at the following tips which will keep you distant from encountering all those issues: â€˘ Follow federal and state labour laws â€“ Those who have small businesses with a handful of employees must follow both the federal and state labour laws. Suppose, if you are recruiting contractors, make sure that you do not cross the line in terms of their job descriptions and categorise them as employees. In fact, get to know all the rules and limitations on working hours, workplace harassments, overtime pay and discriminations. Do not
forget to acquire all licenses, insurances and necessary permits for even doing a business at home.
â€˘ Issues related to safety â€“ Workplace safety is a pre-requisite criterion whether you are running a restaurant, a company or a factory. So, itâ€™s wiser to talk to your insurance provider who will put into practice all those federal and state safety rules. If you wish, you can even get in touch with your local fire department and ask them to inspect your workplace and guide you in regard to legal obligations.
• Legal responsibility – By any means, if you or any of your employees cause harm to the public through any of your products or services, you will be legally responsible for all the damages caused. In this case, you can always take help of an insurance agent who will help you qualify for the right insurance coverage. Prior to setting up your company, it’s always safer to ensure that there are no pending issues that might later compel you to fall prey to legal complications.
â€˘ Image issues â€“ Sometimes you donâ€™t break the rules and still you get into controversies. By discriminating against customers, breaking environment laws and intimidating workers, business managers often end up shattering their professional images. As soon as it becomes a bulletin among other people, your importance keeps dimming. Therefore, if you create a detailed company policy guide and distribute it to each employee, they will become alert and consequently help you keep distance from facing legal and ethical issues.
Apart from considering the tips mentioned above, if you obtain an MBA degree in Law, you will become more knowledgeable and confident in supervising and keeping your business ethically and legally safe. In fact, you can pursue an online MBA in Law under an accredited university so
that you can keep applying your theoretical knowledge and skills and thereafter lend your small business a massive shape in future.
If you have a dream to set up a company of your own, you need to ensure beforehand that your business is not subjected to any legal or ethic...