Yes, you probably are. The legalities of business are something a lot of people seem to struggle with. For one, you’ve got all the things that could potentially go against you. You could come under fire from your customers, your employees, and other companies. You could literally be hit from all angles, so we understand why it might be easy to forget some of the finer details of business. However, if we’re talking legalities, we need to talk seriously. Even messing the slightest of things up in this area is going to cause you a whole new world of problems. If you don’t believe us, have a read of the most common areas where a business will fail because of ignoring legalities.
Tax Laws
Some businesses know every last little thing that there is to know about tax laws. Others, they just don’t have a clue. But you’re paying tax to the state, and if you don’t do it right, boy do they like to get involved. Corporate lawyers see so many cases each year that show a company trying to evade tax, or simply a company just not following the laws. All income must be accounted for due to tax claims, therefore, you’re best off making sure you have an accountant on your team to run your books 5 days a week. Having someone in house to manage the money as it is coming in and out id going to be so more effective money wise. There isn’t just one big tax bill that you have to pay, there’s multiple different tax payments each month to be made, hence why it is much better to be keeping this in house.
Marketing Laws
Marketing is a tricky game, believe it or not. Not only do you have to put your focus on making sure your marketing campaign is effective, you also need to make sure it’s not breaking any laws. One of the things that has to be followed is truthful marketing. This basically means what it says, and ensures all businesses are marketing what they sell, and not lying to compensate their business. There would be nothing worse than saying you do one thing, and you actually do another. Customers would have an absolute field day with this, and your company really could come into the firing line. It most definitely will lead to fines, and it could even lead your business to fail.
Privacy Laws
This is something that is really important to think about right now. Customers all over the world are being spammed with emails from all of the companies that they might have ever used, asking them if they’re ok to keep in contact with them. It’s basically due to the EU changing the laws of sharing information, to try and protect the users. Which is fair enough, and your company has until the 25th of May to do so… so get to it if you haven’t! But to protect customers data, you must only keep it to the confides of the business, and only share with who you’ve specified you’ll share to.
