In a small business it is easy to forget the importance of maintaining accurate records. These records need to be kept far longer than the time they are active. Even after an order is completed and fulfilled or, in the case of a purchase from a vendor, after you have received and fully paid for the merchandise and service, all records will need to be maintained. The typical rule of thumb is 7 years, however there are certain regulations that may increase or decrease that period. In some professions you are required maintain the records indefinitely.
When it comes to dealing with lawyers, small business owners have love-hate feeling. They understand the importance and need for legal services. At the same time, they also get frustrated by the amount of time they have to spend on it as well as dealing with fine nuances of legal process. For many, the cost of legal services is just too high. No wonder many small business owners like to avoid the subject of legal services altogether.
When you’re running a small business, you’re so busy with managing employees and meeting payroll that the last thing on your mind is a lawsuit. Of course, when that happens it can bring everything to a grinding halt. Handling legal entanglements can drag on for years and can put you in lot of financial trouble. It is in your best interest to know beforehand what you can and cannot do when you are faced with lawsuits. Here are some suggestions to help you calm your nerves in that situation and deal with the issue at hand.
We’ve all dreamt about standing up in front of a packed courtroom and shouting the words, “You can’t handle the truth!” But when it comes time to protecting our small businesses and our personal assets, reenacting A Few Good Men won’t get us very far.
There are several legal myths that small business owners commonly believe in. These myths aren’t only dangerous to our companies, but they can be dangerous to our personal livelihoods. Take a look at the five legal myths below to make sure your company isn’t sinking into hot water.
Personal injury attorneys and legal referral lines advertise everywhere from benches at bus stops to the radio, television, newspaper and Internet. Apparently there’s big money in getting injured! Although some personal injury claims are legitimate and their subsequent lawsuits justified, others are simply born out of greed. Why? Unfortunately, for too many people, the thought of earning an easy buck by suing someone for an injury that may or may not exist is more attractive than actually working to earn that dollar.
The working environment around us is full of principles, rules, and regulations. Some people who work around you have a propensity of using aggressive behavior against others and some are very polite in nature. The main aspect of having the employment law in such working places is to ensure that every employee is working in the safe environment. If you are an employee or an employer, you have to obey the employment law within your state. It is very important that employees must understand their responsibility set out by the employment Law.
Get familiar with the legal rights for an employee:
The right to be paid maternity leave/casual leave/sick leave/sudden leave
A core and fundamental right is the national minimum wage
Greater holiday allowance
Right to work in flexible hours