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There are laws that apply to every business and some that are industry-specific. When starting up a new business, it’s important to understand what’s expected and how to go about executing any legal requirements. Otherwise, you could get into a lot of trouble. Here are some of the major legal requirements to consider when starting a business.
Filing Accurate Taxes
Obviously, every business must file their taxes, just as individuals do. This involves registering with the IRS and obtaining a PTIN registration. You must then calculate your taxes every year and file them before the deadline. Late payment of taxes could result in additional charges, but failure to file your taxes at all could result in heavier punishment. A lot of people struggle with their taxes and it can be worth outsourcing an accountant to take care of them for you.
Obtaining Licenses and Permits
It’s possible that your business may need to apply for certain licenses and permits. If you’re opening a bar, for instance, you’ll need a liquor license, a music license and possibly a food license, too. Permits may be needed to display exterior signage or stay open past a certain time. Failing to have these licenses and permits in place could result in fines, so it’s worth knowing the laws. If you’re not sure which licenses and permits you need, you could always talk to a business legal advisor.
Insurance
There are many forms of insurance that businesses might need. While most of these are optional, one particular type of insurance – workers’ compensation insurance – is mandatory if you have employees. This insurance covers your employees against any claims of injury or sickness that is caused by their work for you. There are many providers out there that offer workers’ compensation insurance. Shop around to find the best rates and plan that works for your type of business. Bundling this insurance plan with others can sometimes lower the cost.
Adhering to Health and Safety Laws
Businesses must also adhere to various health and safety laws. These, of course, depend on the type of business and the operations that happen on the premises. An office will have different health and safety codes and laws than a restaurant will.
A few important codes to follow are fire safety, protective equipment for chemicals, and giving employees regular breaks. A health and safety advisor will be able to help you execute plans and purchase the right equipment.
Protecting Customer Data
There have been some new laws passed around the world to help protect customer data. These laws can vary greatly depending on the industry. They can even vary by state – California has its own set of laws regarding customer privacy. As a result, it’s often worth talking to a legal advisor. A few precautions such as backing up data, installing anti-virus software on your machines and asking customers for consent before sharing data is advisable.
