This country embraces the idea of a free marketplace. This practice can generate positive results for the consumer because companies compete with each other to turn better products or lower prices. In Nevada, businesses are required to abide by laws that dictate the rules of that competition. As our attorneys at Aldrich Law Firm, Ltd., have seen, there are many people who try to circumvent those guidelines. In order to keep your company competitive, you should know how to recognize the signs that someone else is using illegal business practices.
Under Nevada law, the following constitute unfair trade practices:
- Price fixing, such as raising or lowering the price of a commodity or service
- Attempting to create a monopoly
- Dividing the marketplace and refusing to sell to certain consumers
- Using stock or equity interest to establish a monopoly or otherwise lessen competition
Generally speaking, your competitor cannot take any action that would unfairly interfere with your effort to attract customers or with a contractual relationship you have with another party.
The Nevada Attorney General’s Office handles claims of unfair competition. It also is tasked with enforcing antitrust laws and other statutes that govern deceptive trade practices. If you suspect someone is engaging in these behaviors, you can file a complaint with the office. Under the law, penalties for violating these laws include prison time and fines. Further, there are civil penalties that could ensue, such as a suspension of a company’s license to do business.
For more information on this topic, please visit our page regarding commercial law.