While it can be hard to follow every single rule your business should follow, it is essential to your business’s survival. Before they open up shop, business owners should know what legal requirements they need to follow. As you grow and expand there are important things not to miss. Get out your pen and reading glasses, because there are a lot of documents to receive and sign.
A business must have the proper registration to be considered legal in your area. This helps the government monitor the taxes your business owns. If you skip registration, you can be taken down by the IRS and be barraged by fines. You should figure out how to get the proper permits immediately. Thankfully, this isn’t the most difficult thing to figure out. As LegalZoom points out, Each state and city has its own requirements. Look on the official government website for your area to see what permits you need for your company. Fill out the paperwork, pay the fee, and you should be good to go.
You should also make sure your business has the proper insurance for your company and for your employees, should you decide to bring others on. On a national level, full-time employees are required to have some sort of health insurance. According to Barnes Disability Advocates, states set the requirements, so you need to check that you are complying. Insurance will not only keep you out of legal battles with the government, but it will also mitigate legal battles between you and your part-time employees. Insurance is obviously essential.
You should also make sure your business is keeping with safety codes. Safety can refer to several different things. COVID-19 has forced the government to include social distancing and mask-wearing requirements for local businesses. Although many of us will be working from home or online, should you decide to collaborate in local coffee shops and coworking spaces these are things to keep in mind. Should you decide to set up a brick and mortar space, your business should also meet fire and building codes. Without this, your whole workforce could be in danger if a natural disaster were to strike while they were on the job. You should take every caution to ensure those working with you will be safe. These are only a few of the legal requirements you should meet to open your business. Without them, your company could put others at risk or get taken down by one legitimate lawsuit. Safety codes and legal requirements don’t just keep others safe, but they keep your livelihood secure.
Need some extra help getting off the ground? Grab my step-by-step guide here.