Operating a business requires adherence to local and state laws and guidelines. While day-to-day operations may seem fairly easy to monitor for legal compliance, there are sometimes less-obvious or even obscure legalities to keep in mind. Here are four aspects of doing business that every entrepreneur should be sure to follow.
Check State Commerce Laws
Initial start-up filing includes your business structure designation. Annual reports or biennial statements are thereafter required by most states, sometimes with a filing fee. Any changes to address, owner’s name, shareholders, or membership should be reported using amendment forms. Visit your state’s .gov website and look for the business link that will explain requirements and recommendations for smaller businesses.
Comply with Federal Requirements
In addition to required income and employer taxes, maintain company permits, certifications, or licenses and keep them up-to-date. Some activities should be posted but do not need to be filed, including notices regarding advertising, copyright, workplace health and safety, and environmental issues, among others. Examples include posting health inspections at establishments that serve food and a license to sell alcohol products. Post regulations or warnings in accessible areas that can be seen easily.
Consult a Business Litigation Lawyer
To learn more about legal requirements for running a business, check with a business litigation lawyer for advice. A professional legal expert, like those at Ogborn Mihm LLP, can help to ensure that you understand all the laws related to your business. That way, you can remain in compliance and avoid possible penalties. Prepare any questions that may arise so these can be covered, as well. A business lawyer can also assist with filing proper documentation and updating any paperwork that needs to be done.
Pay Fees on Time
From filing fees to property taxes and everything between, it is important to pay expenses on time. Letting a bill go can lead to a claim or lawsuit that may add legal fees and penalties to a late debt. Taxes should be filed before the due-date to avoid incurring penalties. Even minor unpaid penalties, including parking tickets, can lead to bench warrants and legal proceedings that may jeopardize the company’s image or operations.
Being an entrepreneur is an exciting venture, but it comes with serious responsibilities. Compliance with laws, policies, and guidelines is one of the best ways to keep the company in good shape and respected by the public. Find out what your company needs to do to maintain a positive stance in the local community.
Author Info: Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook: @RachelleWilber.