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Explain Michigan Small Business laws

HomeBusiness MichiganExplain Michigan Small Business laws

Before starting any business, big or small, the first thing that comes in mind is at – “What do I need to do and what comes first?”

There is a standard logical sequence of process and actions that needs to be followed.

Employee Rights

A both state and federal level regulates the business. Basis of Employee rights, environments protection, taxes, securities and other issues are provides by federal laws while state laws also address many of these matters and more.

Michigan business laws prohibits the employment discrimination on the basis of sexual orientation or gender identity, these are not prohibited under federal labor laws.

  1. Michigan Antitrust laws:

Daunting large corporate mergers and other manoeuvres to limit consumer choice, antitrust laws planned to be promoted.

A “trust” is large company with little to no competition, such as a monopoly.

Michigan antitrust laws are encoded in the state’s Antitrust Reform Act, which allows for private lawsuits and enforces a four-year statute of limitations in which to file a claim.

  1. Michigan Civil Statute of Limitations laws:

Michigan’s civil statute of limitations allows two years for personal injuries; up to six years for fraud, trespassing, collection of rent, contracts, and debt collection; and 10 years for judgments.

Libel and slander (defamation) claims are the only civil action with a one-year limit.

  1. Michigan Interest Rates Laws:

On a regular basis, consumers waives the limits of how much interest a consumer may charge, when assenting to the terms of credit card or other loan while most states sets limits to this.

In result, state interest rate laws usually have no bearing on the actual rates paid by borrowers.

Therefore, Michigan interest rates laws have 5 percent limit on interest rates and 7 percent on written agreement.

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