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Small Business Legal Requirements: Explained
Small Business Legal Requirements: Explained
Order ID 53003233773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Small Business Legal Requirements: Explained
Starting and running a small business involves various legal requirements that business owners should understand to ensure compliance and avoid potential legal issues. In this article, we will explain the legal requirements for small businesses in 1000 words.
Business Structure and Registration
Choosing the appropriate business structure is an essential legal requirement for small businesses. The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and corporation. Each structure has its own legal requirements, including registration and filing of articles of incorporation or organization.
Sole proprietors and partnerships are not required to file articles of incorporation or organization. However, they may need to register with their state or local government and obtain appropriate licenses and permits to operate their business.
LLCs and corporations are required to file articles of incorporation or organization with their state government. LLCs may also need to file an operating agreement, while corporations must hold annual shareholder meetings and maintain corporate records.
Business Licenses and Permits
Small businesses are required to obtain licenses and permits to operate legally. The specific licenses and permits required depend on the type of business and its location. Common licenses and permits include business licenses, zoning permits, health permits, and environmental permits.
Business owners should research their state and local government requirements to determine the licenses and permits needed for their business. Failure to obtain the necessary licenses and permits can result in fines and legal consequences.
Employment Law
Small businesses with employees are subject to various employment laws, including minimum wage and overtime laws, anti-discrimination laws, and workplace safety laws. Business owners should be familiar with these laws and ensure that they comply with them.
Employers must also maintain appropriate employment records, including employee information, hours worked, and wages paid. Failure to comply with employment laws can result in legal consequences, including fines and lawsuits.
Taxation
Small businesses are required to pay taxes on their income and may need to collect and remit sales tax on their products or services. Business owners should obtain a federal employer identification number (EIN) and register with their state tax agency to ensure compliance with tax laws.
Small businesses should also maintain accurate financial records, including income, expenses, and tax payments. Failure to comply with tax laws can result in penalties, fines, and legal consequences.
Contracts and Agreements
Small businesses often enter into contracts and agreements with customers, vendors, and other parties. These contracts should be in writing and should clearly outline the terms and conditions of the agreement.
Business owners should also understand the legal implications of contracts and agreements, including liability and dispute resolution. It is recommended to have a lawyer review any contracts or agreements before signing.
Intellectual Property Protection
Small businesses should also protect their intellectual property, including trademarks, copyrights, and patents. Trademarks protect business names, logos, and slogans, while copyrights protect original works of authorship, such as books, music, and software. Patents protect inventions and processes.
Business owners should register their trademarks and copyrights with the appropriate government agencies to obtain legal protection. Failure to protect intellectual property can result in lost revenue and legal consequences.
Conclusion
Understanding the legal requirements for small businesses is essential to ensure compliance and avoid legal issues. Business owners should research their state and local government requirements, obtain the necessary licenses and permits, comply with employment and tax laws, use written contracts and agreements, and protect their intellectual property. Seeking legal guidance from a lawyer can also help small businesses navigate the complex legal landscape.
Small Business Legal Requirements: Explained
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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