On this thread I will share about the impact of Law on Businesses.
You might be an entrepreneur who is interested in studying law or engaging a lawyer, or you might be considering to study law to help Entrepreneurs, this will help.

Share.

1. Compliance
Before you start operating you have to know the regulations and licensing requirements needed in that area.
Non compliance can prevent you from operating your business and operating while ignoring compliance issues can lead to your business being fined or shut down

For example, if you want to operate a Gas or service station in Zimbabwe, besides the usual company registration, you also need;
-a shop license
-EMA license
-Fire certificate
-Trade measures board reg (gas scale)
-ZERA registration.

Contracts.
Contracts are essential in every business no matter how small. A contract is a memorial of the transaction and if any dispute arises, it is easier to prove the existence and terms of the contractual relationship.

3. Labour Laws
If you have employees, you need to know the basic labour laws that apply to your sector.
These are some of the important aspects:
-Have employment contracts.
-Know the applicable minimum wages.
-Employment code with a grievance handling mechanism.
-NSSA reg.

4. Consumer protection.
You need to know basic consumer protection laws. In Zimbabwe, we have a Consumer Protection Act. To avoid breaching consumer laws one has to know the consumer law. These include;

- avoiding false or misleading advertisement
- providing information on the side effects of products or defects in goods.
-contracts with consumers must be reasonable.
-consumers right to customer service etc

It does not only protect consumers but improve the business's image.