Business owners are responsible for many individual laws and rules. In fact, it can get confusing keeping up with the specific laws and ensuring that you are not breaking any legal regulations. For this reason, it is important to have a law firm that is dedicated to your business. This could include your own on staff attorney or paying a monthly retainer to a law firm to cover all legal problems. Some of the most common business problems that arise are the following.
Hiring and employment law disputes
The government has many strict hiring rules. You cannot prohibit employment of someone based on their age, gender, or nationality. New prohibitions are continually added. However, following this rule might be harder than you think. You might not be consciously hiring or firing based on age, gender, or nationality, but it can look that way. Class action lawsuits can easily come out of nowhere regarding civil rights law cases. Even if the class action participants do not have much to go on, this can be a costly process for the business. Having a law firm on retainer can help navigate this tricky business process.
Environmental law problems
Many businesses are also regulated concerning environmental laws. There are regulations surrounding where an industrial business can build, how harmful contaminants can be disposed of, and the individual working conditions of employees in these types of businesses. Environmental laws are set for the health of the plant. In fact, we could save approximately 5,000 lives per year and prevent thousands of cases of respiratory and heart disease by reducing toxic air pollution from industrial plants. The problem, however, is that a business is not always aware of the mistakes they are making. It will require a good environmental law representative to give the business a second chance in practicing healthy and safe environmental laws.
Federal and state tax concerns
Business employers are also responsible for taxes. They are responsible for collecting enough taxes from employee?s pays, while also paying their own taxes on the businesses profits. If you are not familiar with tax laws, this can create tax mistakes. Sometimes, these tax mistakes lead to the breaking of federal estate tax laws. When you break tax laws, you are required to pay back the owed money, as well as pay fines and penalty fees. This can easily put a significant financial strain on a smaller to medium sized businesses. Working with a tax law firm can provide you with your tax repayment options.
Labor racketeering violations
If you are a larger business owner, it is possible that your employees are protected by a labor union. While labor unions do a lot of good for the rights of the employees, sometimes they can also be used in a harmful way. Labor racketeering occurs when the labor union takes advantage of their power to the disadvantage of the business. If you are the victim of labor racketeering, it is crucial to have legal representation. A labor union that is practicing labor racketeering can easily land a business in bankruptcy. Approximately 90% of all Chapter 11 debtors have less than $10 million in assets or liabilities, less than $10 million in annual revenues, and 50 or fewer employees. Prevent labor racketeering from ruining your business.
Legal services should be an important part of any business, small or large. Businesses are at risk of many legal charges. Having a law firm on retainer can handle any legal issues that arise, in a costly way. It can also prevent high court fees, by settling cases out of court. In 1962, about 11.5% of federal civil cases went to trial. Today, experts say the percentage of civil cases that actually go to trial in Federal courts is estimated at 1%. Make sure your business is well protected legally.