How To Ensure Your Business Is Being Run Legally | VitalyTennant.com 1

How To Ensure Your Business Is Being Run Legally

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As a business, it’s often under scrutiny, whether it’s a new company or you’ve been running it for a while now. Being compliant and operating legally will help you sleep a little easier at night as a business owner.

Here are some top tips to ensure your business is being run legally and that you don’t run into any trouble as a result.

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Register your business

First and foremost, if you haven’t registered your business yet, do it now. This is something you should do at the beginning of your business journey, especially when it comes to making sure you’re operating within the regulations set by the government you’re governed under.

Every state and country operates a little differently from the next, so it’s good to make sure you’ve followed the protocol of registering your business in your home country. This will ensure that there’s a record of your business in existence and that you’ve done everything necessary to make your business an official one.

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Apply for an EIN number

Next up, you’ll want to apply for an EIN number or a tax ID number as it’s often referred to. Why is this important? Well if you’re looking to hire workers, then you’ll need a tax ID number. While there are some businesses that don’t require it, it’s recommended that you do get it.

It can be helpful for those who want to ensure they’re operating legally, as any business that hires staff or is a nonprofit, needs this number. If you don’t have this number then you’ll be unable to fill out payroll forms or submit payroll taxes. Make sure you check out the federal ein application process to understand exactly what you need.

Get all of the relevant insurance

Insurance is highly important, especially when it comes to making sure your business is run legally. It protects not only your business in general, but covers contents insurance, cyber security, and most importantly, any staff you have working for the business.

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There are lots of insurance types and coverages, not all of which your business would need. However, having coverage to some extent is a big benefit for your business.

Hire a legal team or outsource it

A legal team is a great resource for your business. However, not everyone has the finances to hire a whole legal team that’s available, on-site, during office hours.

It might be that you want to outsource your legal needs, perhaps using a law firm instead. Any form of legal assistance and guidance is going to be useful when making important business decisions. 

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Make sure you have HR in place

Finally, just like your legal aid, having a great HR department or at least an HR manager is worth putting in place. This is essential, especially when you’re dealing with workers on a daily basis. Everything you do needs to be done properly and without risking a potential lawsuit.

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There are certain tips that will help keep your business running by the book, particularly if you’re still navigating your organization as a new business owner.

The traditional sense of business has laid the foundation of business assortment; however there are decentralized autonomous organizations known as DAOs, blockchains, and a new era of innovative solutions that secure business angles of varied know your customer (KYC) initiatives, and anti money laundering (AML) standards that value integrity of open source business models.

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