I was recently involved in a car accident. Unfortunately, since it was my first accident, I was scatter-brained and anxious. What I did not realize at the time was that the actions you take immediately after the accident can affect a personal injury case and the outcome of that case. I wanted to find a way to share my experiences and mistakes with other. Since the Internet is so popular, I figured this would be a great way to do so. While you likely aren't planning on being in an accident soon, if you are, hopefully you remember some of the tips I share on this website.
As a business owner, you might be vaguely aware of antitrust laws and the Sherman Act. To avoid serious legal troubles -- both civil and criminal in nature -- it is imperative to ensure that you do not break any of these laws. Luckily, following a few simple tips should help you avoid breaking these laws and causing legal troubles for yourself and your business.
1. Avoid Price Fixing and Bid Rigging
There is certainly nothing wrong with striving to find products and services for your business at the lowest possible prices. However, bid rigging and price fixing are both illegal. When you are involved in bidding for products and services or when you are negotiating pricing, make sure that you do so in an ethical manner. Avoid striking up unreasonable deals or encouraging product or service providers to participate in bid rigging.
2. Avoid Monopolization
The idea of being able to take over all of the business in your area can be quite appealing when you're looking to make a living from your business. However, monopolization -- which involves taking over all of the business in your industry and trying to force customers to use your products or services rather than shopping around for a better option -- is illegal and unfair to your customer base. There is nothing wrong with having a little bit of friendly competition.
3. Consult With a Legal Professional
If you are ever in doubt in regards to the operation of your business, it is always best to work with a business or finance lawyer, depending on the situation. Business lawyers have a strong understanding of the Sherman Act and antitrust laws and can talk to you about concerns that you may have never even thought about. Working with a legal professional any time that you are in doubt can help prevent you from making costly -- and even illegal -- mistakes. Plus, you'll already have representation if you find yourself in a less than ideal situation.
Antitrust laws are something that you should take very seriously as a business owner. Even small businesses can find themselves in a lot of trouble for violating these laws, and the penalty can be steep fines and even prison time. Luckily, working to learn the laws and working with an attorney, such as Philip L. Burnett, Attorney At Law, when you're in doubt can help you abide by these laws and prevent these problems.