6 Essential Laws for New Business Owners
Starting a new business is exciting, but the things you need to know for it to operate smoothly can be overwhelming, especially when it comes to state and federal laws and regulations.
Covering a range of topics from advertising to workplace safety, we’ve rounded up six essential laws new business owners should know about—and how an MBA degree or Doctor of Business Administration (DBA) degree can help equip you with the knowledge needed to build and maintain a thriving business.
Intellectual Property Law
Intellectual property law is often something new business owners don’t consider until it is too late. It does not include just tangible items, such as products, that need to be legally protected. Ideas, logos, and business names must be protected as well. From patents and trademarks to nondisclosure agreements and copyrights, it is important to have the know-how to navigate intellectual property law so you are not blindsided and left without any recourse.
Advertising and Marketing Law
Getting the word out about your new business is essential for success. But all businesses have a legal responsibility to ensure marketing claims properly align to Federal Trade Commission (FTC) regulations. From e-mail campaigns to product labeling, adhering to advertising and marketing law is a crucial part of all businesses, old and new alike. The type of advanced business education you receive in an online master or doctor of business administration program can arm you with important knowledge you need before launching any kind of advertising campaign.
Workplace Safety and Health Law
If you are hiring employees, it is essential that you provide them with a safe, healthy workplace. It is not just the right thing to do, it is the law. The Occupational Safety and Health Act (OSHA) governs what rules and regulations employers must abide by to ensure employees are kept safe from hazards on the job. Online MBA and DBA programs will familiarize you with OSHA requirements. You can even request an on-site consultation from a government OSHA specialist.
Employee Eligibility Law
Just as business owners must ensure their employees have a safe place to work, they also must be certain their employees are eligible to work for the company. You should be familiar with laws and regulations regarding employee eligibility—particularly the Immigration and Nationality Act (INA). This act, which is especially relative to small business owners, addresses employment eligibility, verification, and nondiscrimination—all essential elements for a balanced and fair business.
From financial data to sensitive personal information, collecting sensitive customer and employee information is an indispensable part of doing business today. As a business owner, it is not only your duty to protect this data, it is a legal responsibility that’s becoming more and more urgent with the continuing threat of identity theft. The right online Master of Business Administration or doctor of business administration program will provide you with crucial working knowledge of privacy law so you can keep sensitive consumer and employee data private.
Employment and Labor Law
Whether you have five employees or 500, every worker employed by your business must be treated fairly. Employment and labor laws ensure your employees receive fair wages, are protected against workplace discrimination and harassment, are covered by workers’ compensation, and more. While the U.S. Department of Labor governs federal regulations, individual states have their own specific labor laws businesses must adhere to. Enrolling in an accredited online MBA or DBA degree program will familiarize you with these regulations so there are no surprises for you and your business down the road.
Whether you are already a business owner or you are just thinking about starting a business, an Accreditation Council for Business Schools and Programs (ACBSP)-accredited online MBA or DBA degree from Walden University can help take your career to the next level. Walden University can provide you with a cutting-edge business education in a convenient, online format designed to accommodate the busy schedules of working adults.
Walden’s BS in Business Administration, Master of Business Administration (MBA), Doctor of Business Administration (DBA), and PhD in Management programs are accredited by the Accreditation Council for Business Schools and Programs (ACBSP). The MS in Accounting and BS in Accounting programs are also accredited by the ACBSP and have earned the organization’s Specialized Accounting Accreditation.
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