Major government business regulations in the US
Federal business laws Not all these regulations may have an impact on your business the same way while others may have implications depending on your industry. The most important thing as a business owner is to comply with all rules without compromising. Your business advisor can help you know, what applies to your business. It is vital to ensure your company complies with all underlying laws and regulations set by the government.
Below are that you should look out for when going into the world of enterprise.
Tax code
Questions concerning government regulations mainly center around taxes, especially with small businesses. Perhaps the most important part is knowing which business-related taxes one is expected to pay. Naturally, other questions come into play like when to pay these taxes and how to set up your business to account for these future tax payments.
All companies registered in the United States must pay federal taxes. Most companies are forced to pay taxes depending on which state the company is registered as well. Taxes are unavoidable. If you refuse to pay them, you may be hit with hefty penalties and, in extreme cases, legal recourse including potential conviction.
Employment and labor law
If you are thinking of hiring employees in your business, you will need to familiarize yourself with both state and federal labor laws. As a new business, you can take advantage of the Department of Labor’s FirstStep Employment Law Advisor. This helps business leaders identify which major federal employment laws apply to their business. It also has some information on how to do record keeping and completing reports. You may even get some idea of which posters to hang in your office.
Advertising
If you have a good advertising strategy, your business is already on the road to success. However, you need to follow norms adhered to by leaders in the advertising community that dictate the ethics of the business particularly as it relates to mistruths in marketing. Violating these rules may not result in fines, but it can come at the cost of public trust and industry shame.
Below are ways you can avoid misleading customers.
Comply with all labeling laws for consumer products, which means listing all ingredients and chemicals in your products.
Learn advertising and selling rules for e-commerce.
Work with a lawyer who understands the rules around advertising your specific products.
Understand mail and phone marketing and advertising rules.
Learn the rules of maintaining a friendly environment through advertising.
Environmental regulations
Depending on the type of business, you may need to understand the regulations administered by the Environmental Protection Agency. This is essential if you are marketing products or services that deal with the environment, ecosystems or nature either directly or tangentially. Failing to comply with the dozens of environmental may lead your business to a tremendous downfall. It may affect you both at the federal and state level.
Moreover, there are compliance measures you need to take for your business. You also need to consult your state environmental protection office to ensure you meet their requirements. The EPA Small Business Gateway is a great resource to make sure your business complies with environmental rules and regulations.
Privacy
In the past, some businesses have disclosed sensitive personal information about their employees. Due to this, to ensure safe and secure data, employees have lobbied for regulations to prevent the proliferation of this issue.
If your business discloses an employee’s personal information, they can sue you for revealing sensitive information about them. Personal information published may include address, social security number, medical history, credit card numbers or personal history. Privacy laws have been put in place to prevent businesses from spreading this kind of information.
While employees have privacy expectations you must honor, the rules are balanced enough to allow an employer to comfortably monitor business operations. What an employee does while on the clock is wholly the business of the employer to access and monitor. It is very crucial as an employer to let your workers know what rights you have as a business. Don’t monitor them without notifying them that you have the ability to do so. Be clear and transparent.
State licensing
Our primary focus has been on federal laws and government regulations,-but that does not necessarily mean there are no state laws that affect your small business. Many local governments and states have set their standards for industries. You can check almost all common state licenses and laws online to see what else your state or city may require from you.
The U.S. is a great place to be as an entrepreneur if you comply with all the set rules and regulations. These rules are put in place to protect consumers and help them thrive in business. Laws are a significant part of business and they have the capacity to severely hinder your bottom line if you fail to comply.
Nowadays, the rules guiding business are changing in the United States. In case you have any challenge understanding any government regulation on business, get in touch with Mount Bonnell Advisors. Meet our team of professional lawyers and advisors who will clearly and succinctly explain the ways government regulations effect your business.
