When you think of “compliance” in your start-up or small business, what comes to mind?
Whether you’re providing a product or a service, it’s important to follow all the necessary rules and regulations for your field. Being interrupted by red tape during your busy season is a nuisance. What’s even worse is watching profits disappear into paying fines. You can save yourself both time and money by making sure you’re up to snuff. Here are several basic categories to check out when making sure that you’re in compliance:
· You are registered or licensed with the required governmental agencies (local/state/federal)
· You properly classify your workers – ex. independent contractor (1099) vs. employee (W-2) Click here for IRS info.
· You prominently display any required workplace posters. Click here for what TN requires. (Or, just come by our office any time and pick one up for free!)
· You are collecting & reporting sales tax correctly
· You are abiding by labor laws in overtime and giving meal breaks.
· If you have advertisement on your car or truck – it is considered commercial – is it registered with the county as commercial?
· Are you paying Quarterly income taxes if required? (Do you even know whether you are required to?) - Click here to learn more about IRS guidelines.
· Filing your LLC annual report each April? Click here for TN instructions.
· Paying your payroll taxes each month? (or each week if you are required to)
There are also internal compliance issues that you should have for your own company, such as fraud controls and an effective employee handbook to help guide employees on what you expect of them. Here’s a useful link from the U. S. Small Business Administration to get you started.
You can also find help here at the BDC/INCubator. The BDC offers a free Small Business Orientation Seminar on Thursdays. Click here to view upcoming training and meet their staff.
Lynn Talbott, MBA, PHR, has over 20 years’ experience consulting with entrepreneurs of small to mid-sized businesses in the HR and office management capacity. Her specialty is Office/Human Resource Manager coaching and training and finding practical solutions for bookkeeping errors and HR blunders. Lynn has helped manage over 50 business start-ups and many of those companies continue to rely on her expertise today as they continue to grow.