Chapter 1: Legal Basics
The following are some of the legal areas that one should be aware of even if the knowledge is rather basic:
Trading laws – if the business transaction is going to involve the exchange of goods and services of sorts, where the public is the target audience, then the individual needs to have some knowledge about the legislation involved.
This legislation covers the description of goods, the satisfaction of quality promised to be enjoyed, the befitting used of the product and any other description terms that are used to sell the item advertised. Failing to adhere to these perceived promises, will run the business and individual into the unpleasant confrontations with the law, thus causing an untold amount of problems and consequences.
Terms of trading – when there is a connection made based on the business makeup with the public and other business entities, there is a need to get the terms and conditions of the business procedures sorted out. This is very important and directly affects the trading arrangements. These usually cover elements such as the payment terms, the transfer of titles due to the successful sale, the estimates for work done, the title of goods, failure to perform up to the contract stipulations and any other contractual inclusions.
Employment of staff – should the business expansion require the employment of staff, here too there are some legal implications that should be explored. This is to ensure the individual is well covered under the law and also to ensure all labor law requirements are met.