If you have started a business or you are thinking to start a business in the U.S. Then you should get yourself familiar with some of the important business laws that are followed in the U.S. For your convenience we have described some of the fundamental business laws for you.
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Business License:
This is the first step in establishing any type of business. This is the foremost step in legalizing your business. For business license, you can contact your city government office to check that you’ll need a business license or not. Now, if you need a license to start your business, you should check out the industrial zoning and your State’s law that will be applicable to you. This step is important as each State has its own rules and regulations.
Employment or Labor Laws:
Being a businessman, you will be requiring services of other people. If you hire employees or independent contractors, you should know about the employment laws as prescribed by the Ministry of Labor.
Fair Labor Standards Act:
This law regulates wages of employees, their working times, over-time pays, child labor bans and other basic requirements of the employees. This law ensures that the employers are paying their employees properly.
Federal equal employment opportunity law:
This law restricts the employers to discriminate their employees based on sex, religion, caste, color or creed. This law ensures equal pays and employment opportunities for men and women alike. It also protects the rights of people with disabilities.
Family and Medical Leave Act:
If an employee asks for leave due to medical reasons, then the employer is bound to grant him leave. These medical conditions can be direct from the employee or someone in his family.
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Occupational Safety and Health Act:
This law deals with ensuring a safe and healthy working environment for the employees by the employers. This law is enforced through workplace inspections and investigations.
Worker’s Compensation:
Almost all the States have this law requiring the employers to get their employees insured. This insurance is helpful when an employee gets hurt or sick; the insurance company pays for their expenses.
At-Will work doctrine:
According to this law, an employer is free to fire an employee any-time for any reason except an illegal one. Same is with employees; an employee can leave whenever he wants.
Tax Laws:
The form of business you own determine the taxes you need to pay like; If you own an LLC you need to file LLC tax forms for your taxes, Gov Doc filing can you help you in the filing process. Here we have discussed some general taxes that all businesses have to pay;
Income Tax:
This is a federal tax which is applicable to everyone who earns or receives money. By the end of each year, you are required to file an income tax return; which enables you to get some portion of your paid income taxes back.
Estimated Tax:
The tax that you pay is based on the estimated tax. At the start of every year, you estimate how much total amount you will earn and then you pay taxes according to that estimation. You can always cover up the differences in your annual tax returns fillings; if you have earned less but paid more taxes in a respective year. The government will return your overpaid taxes.
Employment Tax:
These taxes are for employers. If you have hired employees then the IRS expects you to take responsibility and file certain forms which include; social security and Medicare taxes, federal income withholding taxes and federal unemployment taxes.
Excise Tax:
These taxes are paid when your business purchases certain products and these taxes are usually included in the price of that product purchase. Excise laws are applicable only if you make and sell a certain type of products or give certain services etc. for further inquiries you should visit your state office or nearest IRS centre.
