What Is A Corporate Veil?
Business compliance as a service is a general industry term to describe how well a business follows the regulations and rules governing its industry. Almost no one starts a business as an employer. Yet, as your business develops, you attract people along the journey with you. Some of these people will be clients or customers, some will be employees, and others will simply be suppliers or employees. Each brings their own set of expectations and experiences to the business and as your business relationship develops with them, business compliance becomes harder to achieve.
In order to make sure your small businesses are compliant with the regulations,
there are four key activities that must be undertaken every year. These activities are: understanding, assessing, establishing, and maintaining an effective and efficient compliance program. You don’t have to do everything at once; however, you do need to do each activity in order to stay compliant over the long haul. This will help you avoid costly penalties if your annual business compliance program is not successfully implemented.
First, understand the regulations. Read through the law, and go to your state or federal securities regulators to see what information you are required to submit on an annual basis. You may be required to submit more than just an informational document. For example, you may need to submit paperwork that identifies the business that will be regulated, the amount of authority that the regulators have, and what they can require of you on an annual basis. Each of these documents serves a specific purpose. By knowing exactly what you need to submit, you can ensure that your business compliance program and all of your business documents are prepared in a manner consistent with the regulations.
The next step is to assess your business compliance. If you start assessing your business compliance, it is a good idea to use the same tools that you used when you were preparing for business compliance. For example, if you were preparing for a state board, you would need to contact the secretary of state, department of revenue, and other relevant officials to request information and support. You would also need to contact your accountant, and other business entities that could potentially be affected by complying with the regulations. Doing this early in the process will save time and money down the road.
If you are a business owner, consider hiring an attorney to help you prepare and implement your business compliance regime. In addition to providing advice and guidance on what forms you should submit and what you should avoid doing, an attorney can also provide specific examples of situations that he or she has encountered where complying with state and federal regulations was required. Some attorneys will provide their clients with extensive template letters that they can use in situations similar to yours. Using templates and having them ready to use will save time, alleviate stress, and provide your company with a sense of professionalism. Even if you are not an attorney, consider using a small business attorney to help you with your compliance matters.
The final component of modern award thinking is ensuring that you have accurate, up-to-date records.
Your records may be in boxes of firewood already. Yet, without a way to verify who you are dealing with and what they are saying, your employees and your customers are at risk. Make sure that you keep all correspondence relating to your business compliance activities in files that are secure and accessible. It’s the best way to make sure your employees don’t take shortcuts or do anything illegal.
- Finally, if you have employees, make sure that you are training them in the newest methods of doing business.
- Business compliance training can help you develop the best practices for keeping your business compliant.
- Your employees can also make sure that their superiors are well-informed about what the company is doing and how it is doing it.
By using modern awards to communicate with your employees and supervisors, you can make sure that your company stays ahead of the curve. That way, your business is well-protected and your employees remain on top of everyone else in the field.
While there are a lot of responsibilities to uphold when you have an LLC, you can be certain that everything you’re required to do is completely legal. In fact, all of the obligations of an LLC are completely within the confines of the law. It is possible to receive a refund from the IRS for some of your tax obligations, and you can lose your license. However, because you are operating as a business, you are required by law to maintain an organizational veil. If you violate that, you could face serious penalties, such as hefty fines or even jail time. Because of this, it is crucial that you know exactly what your obligations are and what you can expect if you do not maintain an appropriate organizational veil.