Becca Meyers 3m 745 #businesscompliance
The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
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It’s important to make sure that your business remains compliant with both local and federal laws to avoid legal consequences. Any legal violations could result in massive fines and other serious consequences that may put your entire business in jeopardy. Here are a few ways to make sure that your business remains legally compliant.
The annual report that you submit to your state shouldn’t be overlooked. This report includes information about the nature and location of your business along with any changes that were made to your business during the year. Details about your company’s finances and accounting results should be included in the report as well. To make your report even clearer so that there’s no confusion from state officials, you may even want to include photos and graphs. If you’re having trouble creating a report, you can find several sample templates online that can help guide you through the process.
Building codes are a set of regulations that must be followed to remain legally compliant. According to the Federal Emergency Management Agency (FEMA), these regulations mandate that your business building must be constructed, altered, and maintained a certain way to ensure the health and safety of all staff members. If you’re in violation of any codes, you may be forced to pay substantial fines and may even be forced to vacate the building. If you lease space within a building, you should discuss building codes with the owner to ensure that everything is being followed correctly.
The Americans with Disabilities Act (ADA) was enacted so that disabled American workers could work in workplaces that are safe and accessible to them. When it comes to a building, bathrooms, hallways, and access points are one of the main areas in a building that are expected to be in compliance with the ADA, and a few changes might need to be made to your company’s facilities to better accommodate people with disabilities. Bathrooms, for example, must not only include specific kinds of stalls but should also include other fixtures such as a xlerator hand dryer and dedicated sinks.
There are many aspects to ADA which oversee how websites are handled, compensation as well as office spaces. Make sure your web manager is aware of the required structure for ADA compliance.
Every member of your staff should be paid at least the minimum wage amount that’s mandated by your state, county or city. Paying employees less than this amount could leave you liable in the future if any lawsuits are filed. Big discrepancies between the salaries of employees who work in similar positions might also be bad for your company from a legal standpoint. However, any contracted persons who are working for you don’t need to be paid minimum wage if you specify this information in the contract and the worker agrees to it.
Trying to calculate your business taxes on your own could result in making errors that may incur IRS penalties that will cost your business more money. You can choose to hire an in-house accountant to prepare any quarterly or annual taxes that you’re supposed to pay. Another option is to outsource the tax preparation work to an accounting firm that helps businesses like yours. It may also be a good idea to hire a tax attorney to better ensure legal compliance.
Any concerns that are brought to your attention by employees shouldn’t be ignored. This is especially true if these concerns involve possible sexual harassment, bullying or discrimination. If you fail to address these concerns, your business could face lawsuits that drain your company’s finances and tarnish its reputation. Any employee concerns should be documented thoroughly so that you have a record of what the specific concerns were and the measures that were taken by your company to try to resolve the issues.
You owe it to your business to do everything that’s required to stay out of trouble with the law. By prioritizing your company’s legal compliance, you’ll be able to move ahead with your operations easier without having to face as many legal roadblocks that could harm the integrity of your business.