When it comes to building a business, or running one for that matter, it’s not all about location, purpose, and products. Business laws and regulations are quite important and should be reviewed prior to opening a business and reviewed as a business carries on. These laws and regulations can be divided up into four main groups: industry laws, labor laws, legal concerns, and fair practice.
According to the Small Business Administration, how a business should be conducted is regulated by the Environmental Protection Agency http://www.epa.gov as well as finance, advertising, and online business laws. All of these fall under the industry laws and regulations that all small businesses should be aware of, from taking care of the environment to being sure advertising meets the quality of products sold.
Complying with labor laws is extremely important and regulated by the Department of Labor. There is an Employment Law Guide which provides information to protect the employees. Hawaii State Department of Labor and Industrial Relations also states the minimum wage of $7.25/hour, to be paid within 7 days of each pay period, Hawaii Family Leave Law, etc. There are also guidelines regarding breaks, hiring people with disabilities, Occupational Safety & Health laws, and unemployment insurance.
While not all matters require a lawyer, it is important to know how to handle legal issues. There are options available for small businesses to seek out a lawyer through the American Bar Association, Hawaii State Bar Association, and the like.
In addition, there must be an understanding of fair practice and antitrust laws in order to keep the integrity of the company. Two common ideas of these antitrust laws include, but are not limited to, fair pricing and monopolization. Providing consumers with a fair price based off of what the competition offers is good practice.
No matter the industry of the small business, it is important to spend time learning about all these small business laws and regulations. Failing to understand these laws and regulations could potentially be detrimental for the small business.