Importance of knowing the law as a business owner!

Bookwormlux

Valued Contributor
Ignorance us said to be a disease and can cause one to lose so much in life. In fact whenever it comes to the issues of life generally, one is at a level of maximum risk in any venture that he or she lacks information in. This is why it is important for individuals to improve themselves to be knowledgeable about things that affect their activities.
This is especially important in the business world today. Once a business owner does not have enough information about what the law of the land says regarding certain things that affect his business, he stands a better chance of going against them and this would mean getting the law enforcement agencies going after you.

When you know what the law says regarding payment of tax for instance, you would always try to pay them. The law also helps you to know the right institutions that deal with taxes, this way you don't fall for scammers who could leverage on your ignorance to disguise as tax officials.

There are so many other benefits of knowing what the law says about different things related to your business. If you can't afford to know them your self, try and have Legalists that would back you up always.
 

arunima25

Verified member
Oh! Definitely ignorance can't always be a bliss. Especially if one is planning to set up a business. In that case awareness is the bliss and will save you from so many disasters which might happen due to your ignorance. Knowing the law of the land is a must before one plans to start a business. Right from the loan from bank to leasing/renting/ owning a space, hiring employees etc to making profit and paying taxes and loan back...all the steps involves a lot of legalities and one need not make mistake in them. A small slip can lead to a big disaster.
 

Alexandoy

VIP Contributor
The usual topics on law that a business owner needed to know are about taxation and permits. Like a store that cannot sell alcoholic drinks and cigarettes without the special permit. Even the pharmacy cannot sell some type of drugs like opium if the prescription has no special permit for such type of drugs.
 

Augusta

VIP Contributor
Ignorance us said to be a disease and can cause one to lose so much in life. In fact whenever it comes to the issues of life generally, one is at a level of maximum risk in any venture that he or she lacks information in. This is why it is important for individuals to improve themselves to be knowledgeable about things that affect their activities.
This is especially important in the business world today. Once a business owner does not have enough information about what the law of the land says regarding certain things that affect his business, he stands a better chance of going against them and this would mean getting the law enforcement agencies going after you.

When you know what the law says regarding payment of tax for instance, you would always try to pay them. The law also helps you to know the right institutions that deal with taxes, this way you don't fall for scammers who could leverage on your ignorance to disguise as tax officials.

There are so many other benefits of knowing what the law says about different things related to your business. If you can't afford to know them your self, try and have Legalists that would back you up always.
Definitely, any unlawful citizen is calling issues with law enforcement agencies to self. So even if as a business owner you need to abide by the rules and regulations governing it to help you. Like when it comes to payment of tax, tax evasion in my country is a serious crime.
 

Chibson

VIP Contributor
It is very clear that a lot of business owners do not know the laws that guide their business practices. This has cost them a lot of things including opportunities to grow their business and how they treat their employees and customers in general. it is therefore very important for anyone who wants to venture into any business to seek knowledge and know the laws.
 

Bookwormlux

Valued Contributor
It is very clear that a lot of business owners do not know the laws that guide their business practices. This has cost them a lot of things including opportunities to grow their business and how they treat their employees and customers in general. it is therefore very important for anyone who wants to venture into any business to seek knowledge and know the laws.
Seriously, it does not make sense at all for a business owner to not have a glimpse of what the law has to say about the kind of business he is venturing into. I know of some successful business owners who go to the extent of hiring expensive lawyers just to ensure that all legal issues relating to their business are being put In place.
 

sincerem

VIP Contributor
That's it, when we aren't observant around the laws governing the business, we should always seek for mentorship and go to those experts to help us list out the laws around such kind of business we're into, in order to avoid breaching laws and ethics guiding business to maintain balance. When business is working based on law things get better for such business.
 

Abigael

Valued Contributor
This is very true. Knowing the laws of the land as a business owner is mandatory. You will not face any trouble with the law if you know them and follow them. The repurcussions of ignorance and not following the law are so many. The biggest being you will have to pay so much money to get out of such cases.
 

Bookwormlux

Valued Contributor
That's it, when we aren't observant around the laws governing the business, we should always seek for mentorship and go to those experts to help us list out the laws around such kind of business we're into, in order to avoid breaching laws and ethics guiding business to maintain balance. When business is working based on law things get better for such business.
A common area that so many people are ignorant about in the legal aspect of business is taxation and renumeration of funds to the appropriate authorities. This makes them to even fall for scammers who extort them as they already know that such business owners are ignorant of things that should have been known to them.
 

sincerem

VIP Contributor
A common area that so many people are ignorant about in the legal aspect of business is taxation and renumeration of funds to the appropriate authorities. This makes them to even fall for scammers who extort them as they already know that such business owners are ignorant of things that should have been known to them.
You're right dude. Since they don't want to learn how to submit their tax to the appropriate authorities and get legal permit they fell to the wrong hands who takes advantage of their ignorant and extort funds from them and offering them no service for the money they submitted.
 

Bookwormlux

Valued Contributor
You're right dude. Since they don't want to learn how to submit their tax to the appropriate authorities and get legal permit they fell to the wrong hands who takes advantage of their ignorant and extort funds from them and offering them no service for the money they submitted.
Things like this usually leads to a high level of frustration and the affected individual can even go as far as sinking in to depression or even commit suicide since the experience is not different from losing your hard earned money to scammers that are every where on the internet today. Ignorance of the law is not an excuse.
 

btaliat

VIP Contributor
The first thing a serious business owner does is to have a lawyer that will be his solicitor whenever there is a matter of law. Since business involves human interaction, there is bound for conflict which should be settled in the case of law. And just like one of the commentators said, taxation laws should be digested as well for business owners.
 

Richee84

Active member
Knowing the law as a business owner have so many advantages. The business owner have to know the kind of rules and regulations that guide it line of business in order not to breach the law. The law of contract and Tax law is a very good aspect that aĺl business owner should knowledge of.
 

sincerem

VIP Contributor
Things like this usually leads to a high level of frustration and the affected individual can even go as far as sinking in to depression or even commit suicide since the experience is not different from losing your hard earned money to scammers that are every where on the internet today. Ignorance of the law is not an excuse.
Hmm, since they've been scammed before why didn't they learn their lesson from the first case?? They're simply trying to out smart themselves and fall again into hot soup. They aren't serious at all with their life, that's why they'll keep on falling into scam. I'm always careful with myself, I can't fool myself double time.
 

Bookwormlux

Valued Contributor
The first thing a serious business owner does is to have a lawyer that will be his solicitor whenever there is a matter of law. Since business involves human interaction, there is bound for conflict which should be settled in the case of law. And just like one of the commentators said, taxation laws should be digested as well for business owners.
Some do not have a lawyer as they do not have enough money to pay for the services rendered and I think that a solution to this would be to digest the taxation laws as well as other regulations that would enable them to succeed in their business. This is better since they already say that lack of funds have caused them to not have a lawyer.
 
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