Business Law : 5 Legal Basics Entrepreneurs Need to Know

business

You’re deeply excited about starting your own business and leaving your own mark in the industry you love. However, you may find yourself confused and overwhelmed about business laws that have a huge impact on your entrepreneurship.

Here are the 5 legal basics you need to be equipped with in the world of business:

Entity Choice
You need to determine the type of business you’re going to establish. There are different types of entities for you to choose from such as, LLC, corporation, sole proprietorship, non-profit and so on. Each entity has each their own benefits and consequences which you need to have a better understanding of.

highLegal Compliance
Being legally compliant depends on your specific industry. For example, some businesses are required to have a professional license to fully operate. In other cases, there are some cities that require certain permits to conduct business.

Intellectual Property
This has something to do with protecting a certain business name, logo or even a slogan that a business uses regularly to stand out from the rest.

Business Contracts
All business relationships should be governed by a written business contract. Without a business contract, there will be confusion between business parties especially in what to expect from each.

Legal Disputes
You need to make sure to prevent unwanted legal disputes. You need to protect your business and resolve any legal issues which can do harm to your business.

You might get into a lot of legal trouble if you don’t know what are the underlying laws revolving around your business. To know more details, check the informative video below:

Self-Defense Law: California Edition

self-defense

Self-defense laws vary from state to state. Some of them can be really straightforward and some are a bit tricky even for the victim. For now, we’ll try to put more focus in California self-defense laws.

In California, self-defense laws state that you can’t be proven guilty of a violent crime to protect yourself, as long as your action was deemed reasonable under certain circumstances.

These reasonable circumstances may include:

  • If you were in imminent danger of being killed, injured or touched unlawfully.
  • If you needed to use force to prevent it from happening
  • If you used no more force than was necessary.

Self-defense can be a useful legal protection to a number of crimes that are described as “forcible and atrocious”, such as:

  • Murder or manslaughter
  • Being attacked in a way that would cause heavy body injury
  • Rape
  • Mayhem
  • Robbery

To say it differently, you have the right to kill another person in self-defense if you’re trying to protect yourself against those crimes. But, you’re only limited to use non-deadly force to defend yourself in less extreme situations.

For more details, check out the video below:

The New Rule Of Overtime

Ever experienced working for long hours just to make ends meet? The long stressful hours take a toll on both your financial and personal life. The good news is, there’s a new overtime rule that could protect the welfare of workers.

Here’s more information about that new overtime rule:

Overtime regulations for white-collars are outdated. The current salary threshold is $23, 660 which is so low and it makes it hard for employers to distinguish who qualifies.

President Obama gave some instructions to the Department of Labor to update the rules such as increasing the minimum salary threshold to $47, 476. Because of this, millions of Americans will be entitled to overtime pay if they work extra hours.

For workers that are below the threshold, employers need to pay time and a half if they work overtime or raise the salary above the threshold.

Bye this new rule, workers can get extra options  about what they can do in their lives. This also gives them a perfect chance to get paid for their hard work.

What do you think about this new regulation? Post your thoughts on the comments section below.