Whether you’re launching a start-up, running a home-based business or heading up a large corporation, you’ll need to ensure compliance with a variety of laws and regulations. From health and safety guidelines to employment legislation, there are numerous legal obligations that businesses face.
If you want to ensure that you’re fulfilling your duties as a business owner or director, take a look at these top tips to keep your business on the right side of the law:
Some laws are applicable to all businesses, but many regulations are only relevant to certain sectors or businesses of a particular size. Due to this, it can be challenging to figure out exactly what your obligations are as a company.
If you’re unsure which legislation applies to your business, it’s important to get professional advice early on. By doing so, you can ensure that you’re not inadvertently breaching restrictions or guidelines that could have serious consequences.
From hiring new employees to taking on new clients, your business will be reliant on written contracts in order to function. In fact, it’s these documents that establish your legal rights against another party, as well as your responsibilities.
As contracts have such a significant impact on your business, it’s well worth having them professionally drafted. Accessing employment law services and having employment contracts drafted can minimise the risk of future disputes, for example. This can save you a considerable amount of time and money in the long term and it can also protect your professional reputation.
Alternative dispute resolution, or ADR, gives people or companies a way of resolving disputes without going to court. As litigation can be expensive and time-consuming, ADR is often a more effective way to resolve issues between parties. Furthermore, ADR is often a more collaborative process, which enables parties to continue working together in the future, if they want to.
However, ADR is voluntary so don’t wait until a dispute arises before you consider it. Instead, have an ADR clause inserted into contracts so that it’s a first-choice solution to potential issues.
Laws and regulations can change frequently, so you need to keep on top of upcoming changes if you want your business to remain compliant. Often, there is much publicity surrounding these changes but don’t rely on industry news to ensure that you’re fulfilling your legal duties. Instead, work with professionals to ensure that you’re aware of potential updates or sign up for compliance services that keep you in the know.
Minimising Your Liability
Both companies and owners or directors can face liability if regulations or laws are breached, so it’s vital to ensure your business is on the right side of the law at all times. By taking a proactive approach, you can minimise your liability, safeguard your reputation and avoid potentially costly legal action. In doing so, you’ll be given your business the best chance of success and protecting yourself too.
