Business Compliance is a broad catch-all phrase for how well your company as follows both federal and local laws governing its industry. Without the appropriate business structure, it is impossible to comply with regulations. External Requirements: Those set by the government or other governing bodies require businesses to adhere to standards. Internal Requirements: Those provide visibility into how your company operates with accountability. Both are vital to the success of a business, but neither is as important as the other.
When you hire someone to help you create your business plan,
you should include both internal and external requirements. Many companies try to do all of their own business compliance by themselves. While this approach will save you time and money, it does not provide you with the resources necessary to properly manage and comply with federal and local laws. Using a business-compliance consultation firm will allow you to focus on the important things rather than waste time focusing on unimportant issues. They can also offer advice about whether or not your business needs additional regulations to protect yourself from liability. The best companies will also help you stay compliant with ever-changing regulations.
A good working relationship with a business HIPAA compliance consulting firm will allow you to save time and money. Since they are aware of the latest trends in business regulations, they can help you stay on top of changes to compliance requirements. They also know which regulations apply to your industry and what paperwork and forms you need to complete. With their help, you can get everything organized and ready to go so that you can confidently meet all of your compliance requirements.
When you decide to purchase a franchise, you have to follow state and local laws. Franchise tax requirements vary among states and cities. Before purchasing a franchise, you should research the business compliance requirements of each city or state where you plan to invest. Many cities and counties require new business owners to obtain at least an inspection certificate before they can start operating.
An inspection certificate is an indicator of good standing. It is the business compliance evidence that helps determine whether or not your property or equipment meets standards required by the United States Environmental Protection Agency (EPA). Along with an inspection certificate, there are many other types of filings that are required before you can conduct business in a specific city or jurisdiction. For example, there are ordinances that require inspections and reports of all manufacturing and processing emissions. Franchisees who do not have these documents may find themselves being subjected to fines or penalties.
Franchisee members are required by law to obtain an operational agreement
and consent form for each location they own. These operating agreements and operating licenses provide further information about your company. They also contain the rules and regulations that govern how your business is regulated by each jurisdiction. Most states require business owners to acquire and maintain at least one operating agreement and one consent form for each location. Operating agreements and licenses may be obtained from the local or state authorities as well as from the EPA.
- Operating licenses and permits are also important for keeping your company compliant with EPA laws.
- These permits and regulations to keep your company in compliance.
- Ensure that you are not penalized for noncompliance.
The penalties vary by state but the penalties can include fines and penalty assessments. If you are a franchisor or member of a corporation, penalties may include monetary penalties, possible suspensions or disbarment from operation.
The EPA maintains a website that contains a comprehensive list of their various regulations. By navigating to the site you can determine which regulations apply to your company and your industry. You will also find links to the sections of the regulation that apply to your industry and type of business. As you navigate the site, you will be able to determine which sections of the regulation directly affect your business. By having these links you will be better able to comply with all of your EPA requirements and remain compliant.