Entrepreneurship has become a very popular option for people. With the internet as big as it is, there are plenty of online business opportunities. Being your own boss and having the ability to make money from the internet has led to many different online businesses being created. What is lost in the creation of these businesses are the various laws that accompany the creation of the business. These are six of the many laws that you should be aware of as a business owner.
Federal/State Tax Laws
Knowing the tax laws in the state that you operate in is extremely important to the success of your business. Being aware of potential taxes that you must pay on all generated income can be very important. In addition to your income taxes as the owner of the company, you should also be aware of state and federal taxes that accompany hiring employees.
If you are the sole employee of your operation, then this may not be as important. However, things such as social security, Medicare, and federal unemployment can be a lot to handle. Knowing what these taxes mean can help you avoid any unexpected expenses that pop up while you are filing your taxes, which could ultimately help your business.
Tax Forms for Employees
There are different tax forms that apply to different employees. There are many things that can differentiate between the different forms. The most common tax forms for employees are W-2 and 1099s.
In terms of employees, a W-2 tax form is for an employee to report their income from the company that they work for and the payroll taxes that were withheld. A 1099 form is for those who are independent contractors, and it is how they report their income to the IRS. Knowing the differences between these forms will help you out a lot when it comes to filing your taxes for your business.
Sales Tax Collection
Sales tax laws are different for each state, and it is relatively easy for brick-and-mortar stores to add on sales tax. However, for online businesses/stores sales tax can be a bit tricky. This is something that you should figure out sooner rather than later. When you know your specific sales tax, then you can just add it to the end of a sale.
Some states do not have a sales tax, which can make your life that much easier. However, if you operate in a state that has a sales tax, then you will want to avoid a giant payment during tax season that is unaccounted for.
Affordable Care Act
The affordable care act is an act that makes health insurance more affordable. As an owner of a business, you will have to keep track of your employee’s health care. Any expenses that your business incurs due to health care purposes are 100% deductible, which is a nice break for your company to have.
If you have health insurance, it would still be smart to seek out a lawyer for any potential accidents that could occur. As a driver, specifically a truck driver, then you will want to seek out additional help. If you are a truck driver in Syracuse, then you should seek out a Syracuse truck accident lawyer. These lawyers can assist in court cases involving broken bones, spinal cord injuries, and brain injuries.
Bankruptcy
This is a law that you will hopefully not have to worry about as a business owner. However, if this does ever apply to your business, then it will be nice to know the bankruptcy laws for your particular state or county. These can differ by your area so it is important to consult with an expert who will be able to go over the specifics of your case. They can also give you advice and tips on how to have the best outcome.
Intellectual Property Laws
Intellectual property can become quite tricky. The whole idea behind these laws is to ensure that your business, and the intellectual property of your business, will be protected.
The intellectual property of your business includes things such as your logo, symbols, and names. It also includes any products that are created by your company. You can protect these things by getting trademarks and patents. These documents legally bind the ownership of these pieces of intellectual property to you and your business.
Conclusion
There are a plethora of laws that you should be aware of as a business owner. These are just six of the many that you need to be aware of. It also may help to seek out a legal advisory to make sure that you are aware of all the specific laws.