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Small Business Compliance Checklist - Business - Nairaland

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Small Business Compliance Checklist by ayojademi(m): 1:02pm On Nov 16, 2022
Dealing with your day-to-day operations is already tricky, and adding small business compliance on top of all that? That’s a lot of headaches in the making. However, dealing with compliance is inevitable. Legal or regulatory processes that take up time and money are almost always involved in virtually every aspect of starting, expanding, financing, and even scaling back your business.

It’s a lot of work, but a fully compliant business is a healthy business. Creating a procedure that meticulously follows federal, state, and local rules and regulations is the first step to good small business compliance. Ask yourself the following questions to assess the present state of your small business’ compliance:

Is the human resources team improving their HR processes by keeping updated on changes in employment law?
Is the accounting team keeping an eye on sales and use tax issues?
Is your business keeping customer data secure?
Does the company have a compliance officer or committee, or is the owner ultimately responsible for compliance?
While some industries are subject to greater regulation than others, all businesses must comply with specific general compliance challenges regardless of size.

We’ve compiled a quick list of some items you should be aware of. For a more detailed discussion of your responsibilities, consider talking with your compliance officer, attorney, or tax advisor for professional guidance.

Business Licenses And Permits
A business license grants a company the authority to conduct business in a specific area or industry. Depending on the kind of business and location, obtaining business licenses and permissions from the state, county, or town may be necessary. Some examples of the things you need to look into are:

Building Permit
Zoning Permit
Health Permit
Home Occupation Permit
Signage Permit
Fire Permit
Alarm Permit

Tax Compliance
Tax compliance can be tricky, especially when running an online business. What complicates tax compliance are internet sales tax issues and states’ subjecting new services and products to sales and use tax.

Remember that states are often aggressive in sales and use tax audits, so always...read.... https://alabiansolutions.com/blog/small-business-compliance-checklist/

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