Can we share a secret with you?! The trick to becoming one of the successful small businesses within your industry is to stay on top of your business compliance. Although each state typically has its own set of business compliance laws that you must abide by, failing to do so could cost you your business.
We have done our research and want to share with you what successful small businesses need to know about compliance.
What Successful Small Businesses Need To Know About Compliance
Business Compliance 101: Stay in Good Standing
Ensuring that your small business stays in good standing is very important, and not just from the small business administration standpoint! This can be done by keeping a record of your business’s Certificate of Good Standing. This state-issued document essentially validates that a business can be operated within the state.
Tip: If I were you, I would have this certificate on hand as most lenders and other states usually require a copy of this certificate to conduct business.
Determine the Structure of the Business
Depending on the type of business you are, compliance might require different things. Thus, determining the structure of your business is crucial to business compliance. If you are in the early stage of starting or running your business, this is the ideal time to do your research on how successful small businesses are structured. Being well versed in this area strengthen you as a small business owner and keep things clear as you maintain business compliance.
Business structure options for small businesses include:
- Doing Business As (DBA)
Various benefits apply for each business structure, so it is important to determine which one best fits your business.
Obtain A Business License
Take time to research online the best way to register your business in your state, and obtain a business license. Keep in mind that small business guidelines vary by state. Once your business name has been registered, it is required that you obtain the necessary business license(s) and permits to legally conduct business in your city.
Update Your Contacts List Regularly
There’s nothing worse than wasting hours searching for contact information to conduct business. To avoid this nightmare, keep your important contacts list updated and organized so you can always pick up the phone and handle important issues regarding your business.
Tip: Always keep HR and business compliance contacts towards the top of your list. These contacts are usually the first people contacted by small business administration.
Let Us Help You With Business Compliance
Successful small businesses make business compliance a top priority. Aside from obtaining a business license, updating your business contacts, or structuring your business correctly, you must also stay in good standing with the Internal Revenue Service by paying your company IRS tax.
TaxBandits understands how difficult filing taxes can be, which is why provide the small business owner with a simplified e-filing solution that saves you time and money. Create a free account today to ensure your business stays on the right track!