What are some ways you can stay legally compliant?

Here are a few suggested methods for staying on top of the changing requirements and keeping your company compliant.

• Regularly check sites for updated standards.
• Join industry associations.
• Attend trainings, conferences, and seminars.
• Designate a compliance officer.
• Use software solutions.
• Subscribe to newsletters.

How much does it cost to form a limited liability company?

If you decide to incorporate your business or form a limited liability company, you’ll need to file articles of incorporation or articles of organization, respectively, with your state. The filing fee can range from as low as $50 to as high as $725 depending on the state. However, the fee is under $300 in the majority of states.

Can a business charge late fees or interest?

You can only charge late fees or interest if the original contract for products and services allows it. Make sure when you draw up your contract that you specify the amount of late fees that can be charged (usually a percentage of the outstanding balance accruing monthly), and mention the time frame governing late fees as well.

What happens if the owner of a business is sued?

If the business is sued or otherwise faces legal action, the owner is held legally responsible for the liability or debt in the case. As the business does not exist as a separate legal entity, there is no way for the owner to shift responsibility to the business itself.

Can a large business withhold pay from a small business?

If you’re a small business, large customers may realize they hold all the cards and withhold pay just for the heck of it. Others may simply consider your invoice a low priority. In both cases, you may need to remind your customers that you’re not in the business of extending credit.

Where can I get a lawyer for my Small Business?

If you can’t afford an attorney, there are legal services that do free consultations with small business owners, including small business clinics at many law schools, and non-profit organizations like the Microenterprise Project and Lawyers for Civil Rights, which has a project that matches small businesses with attorneys willing to work pro bono.

What are the legal requirements for starting a business?

Start your business in 10 steps. Keep your business compliant with state and federal business laws. Your legal responsibilities will depend on your business and location. You’ll need to meet external and internal business compliance requirements. Most external requirements involve filing paperwork or paying taxes with state or federal governments.

You can only charge late fees or interest if the original contract for products and services allows it. Make sure when you draw up your contract that you specify the amount of late fees that can be charged (usually a percentage of the outstanding balance accruing monthly), and mention the time frame governing late fees as well.

If you’re a small business, large customers may realize they hold all the cards and withhold pay just for the heck of it. Others may simply consider your invoice a low priority. In both cases, you may need to remind your customers that you’re not in the business of extending credit.