Jan 22, 2019
Call the show!
Today in our 2nd of the 3-part
series, I’ll be covering #6 through #10 of the 15 business laws
every entrepreneur should know. So let’s get started.
- # 6 -
At Will Work Doctrine
will employment means that an employee can leave a job whenever
they want for any reason, and employers can terminate an employee
for any reason without notice or cause. The intent of the at will
employment doctrine is to prevent wrongful termination and
employment lawsuits between employees and employers.
- # 7 -
Obtain an Employer Identification Number (EIN)
Employer Identification Number, also known as the Federal Employer
Identification Number or the Federal Tax Identification Number, is
a unique nine-digit number assigned by the Internal Revenue Service
to business entities operating in the United States for the
purposes of identification.
- # 8 -
Know the taxes you have to pay
- Review the Federal Social Security Tax. A
Social Security tax is the tax levied on both employers and
employees to fund the Social Security program. Social Security tax
is usually collected in the form of payroll tax or self-employment
tax. The Social Security tax pays for the retirement, disability,
and survivorship benefits received by millions of Americans each
- Review the Medicare tax.
- Review the Federal Unemployment
- You’ll want to talk with an accountant or CPA
about these obligations and figure out a budget to make sure that
you’re compliant with these taxes.
- Review your State Taxes.
- # 9 -
- # 10
- Truth in Advertising and Marketing
law requires that all advertising and marketing be truthful. When
consumers see or hear an advertisement, whether it's on the
Internet, radio or television, or anywhere else, federal law says
that ad must be truthful, not misleading, and, when appropriate,
backed by scientific evidence.
I really hope these five
business laws have been useful for you. You know, it’s your
responsibility as a business owner to make sure you cover yourself
financially and legally.
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