Law & Legal & Attorney Employment & labor Law

Legal Information Required for Business Compliance

    Function

    • The function of the business itself affects the legal information necessary for business compliance. Some businesses, such as those in the health care industry or food service, must comply with many complex state, federal and local regulations. Other types of businesses may need to be in compliance with certain environmental regulations, including rules on air and water pollution and the disposal of toxic or hazardous waste. The Chamber of Commerce or small business office in your state can provide you with more information.

    Types

    • Different types of businesses may have different legal requirements. The type of business you choose depends on your needs and may include a sole proprietorship, a limited liability company, a partnership or even a corporation. The legal structure of the business will affect the type of legal information needed for business compliance. Also, while the legal structure of the business may not be permanently binding, you will need to consider the legal consequences prior to choosing and changing your type of business.

    Size

    • The size of the business can also affect the legal information necessary for business compliance. Many workplace laws, such as laws relating to mandatory workers' compensation insurance, only apply to those businesses that have a certain number of employees (usually five or more). Certain other laws apply to businesses that have employees no matter what their size. These laws include the Fair Labor Standards Act, the Equal Pay Act and Social Security regulations.

    Considerations

    • Almost all businesses will need some kind of license or permit. The type of licensing will depend upon the specific type and function of the business. All business owners will also need to become familiar with the IRS requirements and legal information necessary for business compliance, including the issuance of an Employer Identification Number and the payment of a federal self-employment tax. Further, while not required, most business owners may want to carry good business insurance to protect their investment. Types of business insurance to consider include liability, home office, property and business interruption.

    Warning

    • There are many laws affecting the starting and running of a business, and the legal information necessary for compliance can be complex. Most business owners will need to consult with an experienced business law attorney to ensure that their business is and remains in compliance with all the varied laws and regulations.

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