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Laws and Practices Every Business Owner Must Address for Long-Term Success

Posted on in Business Law

Maintaining a successful business begins with the establishment of an operation that abides by the proper state laws and regulations from the get-go. All it takes is one misstep with hiring compliance, license and permits, or tax filing, and your entire business can end up in hot water.

Whether you are a new business owner or have owned a business for some time, it is important to take inventory of your current practices to ensure you are complying with applicable business laws and maintaining an efficient, legal operation. Consider the following examples of areas every business owner must address in order to achieve long-term success.

License and Permit Requirements — There are a number of businesses that require federal licensing, such as those involved with activities that are somehow regulated by a federal agency. These business categories can include everything from commercial transportation and agriculture to the sale of alcohol or firearms. Even if your business is not related to anything regulated by the federal government, virtually every business needs to have a permit or license of some sort. The type of permits required for your company’s operation will depend entirely on your state’s rules, the location of your business, and any additional government rules that apply.

Financial Record-Keeping — Keeping proper records of your company’s finances is something that requires constant, consistent maintenance if you want your business to run smoothly now and into the future. From keeping track of and reporting any loans or grants you utilized to finance your business to filing your taxes correctly, maintaining your financial records is critical. This is especially the case when it comes to properly filing taxes. Errors with deductions and failing to file or pay taxes on time can mean serious consequences for your business..

Employee Policies — From understanding the regulatory requirements for staffing your business to properly hiring a contractor to ensuring your employee benefits comply with federal law, how you outline, conduct, and uphold employee policy is a crucial part of sustaining a successful business. Your employee handbooks should be clear and precise, and if you are unsure about any standard hiring or terminating protocol, you should direct your questions to a business law professional. Violating various labor laws, problems with payroll, benefits, or terminating an employee can all put your business at risk for hefty fines and even lawsuits.

If you are unsure as to whether or not your business is in compliance with federal and state laws or are concerned about a potential lawsuit with a former employee, a knowledgeable Arlington Heights business law attorney can assist you with a number of different business law needs. Working with a professional can help ensure your business stays on track. Contact A. Traub & Associates today at 847-749-4182 for a special consultation.

Sources:

https://www.sba.gov/starting-business/business-licenses-permits

https://www.sba.gov/starting-business/business-financials

Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association American Inns of Court DuPage Association of Woman Lawyers National Association of Woman Business Owners Illinois Association Criminal Defense Lawyers DuPage County Criminal Defense Lawyers Association
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