Why You Should Care about Business Law
Businesses don’t operate in a vacuum. Companies, big and small, are responsible for abiding by the law and upholding high standards of conduct in their professional dealings. Without business law, companies would have free reign to personally decide right-from-wrong and would also have the freedom to make large business decisions on a whim.
The University of Arizona Global Campus states, “[b]usinesses need these laws for the same reasons that people do: to define unacceptable behavior, to provide certainty and stability, to protect the public, and to provide a mechanism for businesses to resolve disputes”. Simply defined, laws help regulate business dealings to ensure fairness and equality.
As a business owner or even an aspiring one, it is important to have a basic understanding of the laws that dictate your professional operations. Understanding basic principles can help you make more informed business decisions, prevent future legal repercussions, avoid cases of negligence, and establish predictability in your professional life.
Continue reading to discover how your day-to-day practices can be improved by having a general understanding of business law.
Peace of mind is worth more than you think. Imagine jumping into a business contract without fully knowing if it is solid or legally binding. What if the vendor you are entering into an agreement with doesn’t have your best interest in mind and knowingly chooses to take advantage of your naivety? These are both very real possibilities if you do not understand the laws meant to protect you and your assets.
Businesses are bound by labor laws aimed at protecting workers’ interests. You can’t confidently make hiring and termination decisions if you are not aware of your legal rights as an employer. Knowledge is power – understanding business law can help you make better, more informed decisions for both your company and your people.
Legal issues are an undesirable, and often costly, consequence of not having a basic understanding of business law. As an entrepreneur, the last thing you want to deal with is the headache of a lawsuit. By knowing the laws surrounding your company, you are more apt to make decisions that could ultimately prevent future legal repercussions.
Missteps happen – even if you have done your due diligence in learning about the laws surrounding your business. Although it’s important to have a basic understanding of your business’s legalities, it’s also imperative to know when to call a trained and experienced professional.”
Our experienced team at Flanagan, Lieberman, & Rambo are here to help you when questions arise about the dos-and-don’ts of business law.
Does your business operate locally, nationally, or even internationally? It is not enough to only know the corporate laws in your community if you are doing business in another state or country. You must be diligent in your research of local rules and regulations before committing to do business in an area you are unfamiliar with.
Negligence claims can, and should, be avoided but you can’t prevent what you don’t know. A basic knowledge of business law can be the key to avoiding a large, potentially bankrupting settlement.
The business world is perpetually in a state of flux but that doesn’t mean you always have to feel the pressures of instability. Business laws are enacted to protect you and your interests. You are doing yourself a disservice if you only see these rules and regulations as a nuisance waiting to trip you up when you least expect it.
Claim a sense of security by having a better idea of what tomorrow holds for your business. You can establish a stronger sense of predictability in your everyday operations by learning the basic principles of business law.
Our team at Flanagan, Lieberman, & Rambo are your partners in business law because you can’t know everything.
You are an expert in your field, just as we are trained professionals in ours. Our well-practiced team has a combined 75 years of experience – let our attorneys guide you through the world of business law, so that you can get back to work with confidence.
Contact us today to learn more.