Business regulations are put in place to create safer working environments, ensure employees get requisite benefits, and protect against the formation of monopolies.
To avoid fines, penalties, and possibly worse, make sure you know what these are and how they pertain to you.
1. Employment
One of the most significant employment-related laws deals with anti-discrimination legislation. An employer has to offer equal pay, regardless of gender. You’re not allowed to discriminate based on race, age, religion, and other factors. You also have to accommodate for disabilities.
2. Taxes
To continue to operate legally in the US, you must abide by business tax codes at both the state and federal levels. Filing your taxes will depend on the company structure, whether LLC, sole proprietorship, corporation, etc.
3. Advertising
When doing your marketing and advertising, you need to be sure that all messages are truthful and not misleading. Any claims you make must be based on facts and evidence. If you cannot support such claims, you will be in violation and subject to penalties.
4. Environment
The United States Environmental Protection Agency (EPA) regulates industries such as agriculture, construction, and oil and gas. It is their job to ensure that businesses follow protocol, for example, when disposing of harmful waste. They also ensure that the environment isn’t being compromised due to a company’s activities.
5. Privacy
Businesses must be cautious about protecting personal information in this day and age of digital breaches and hacking. If you gather sensitive details from consumers, you are obligated NOT to share such information with anyone and try to protect such data at all costs. As a small business, you cannot collect specific info on minors, share information with third parties unless otherwise specified, or use the information you gather for anything other than revealed and intended purposes.
Business Regulations Are Vital For Your Company Success
Other important laws and regulations to abide by including antitrust laws and licensing requirements. To know which government regulations apply to your business, you can start by contacting the U.S. Small Business Administration.
First Union Lending is Here to Help!
We at First Union Lending love helping small businesses. If you are in need of advice or have any questions in regards to business funding, contact us today!
Do you want to learn more about running a successful business?
Read our latest blogs to learn more about maintaining a successful business and how we can help you!