How to Stay Compliant with Federal and State Regulations

May 14, 2021
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Even from the beginning, there are a lot of logistics that go into running a business. Navigating tax laws, balancing cash flow, and keeping operations running smoothly are just a few of the things your business will have to figure out how to handle to find success. Of course, if you want to stay operational, you’ll also have to make sure you are in compliance with federal and state regulations too.

Consult with Legal Experts

The regulations your business needs to stay compliant with depend heavily on your industry and where you’re located. There is a lot to keep track of, especially since regulations can change. Consulting with legal experts can help you stay up to date on regulatory changes, which will make it much easier to stay in compliance. You may have the option to do a one-time consultation with the attorney, or you may also have the option to have the attorney on retainer. Which one works best will depend on the needs of your business.

Use Compliance Software

When you know what the regulations are that you need to be compliant with at both the state and federal level, you can start finding and utilizing tools that can help you maintain that compliance. One of the tools you can, and probably should be using is software. There are a lot of options for compliance software that you can choose from, some of which you may be able to incorporate into your existing software systems. For example, pharmacies can benefit from POS software that updates with important medical information.

Keep Up on Filing Requirements

Among the regulations you’ll need to comply with are your business filing requirements. The specifics will depend on the state you’re located in and how your business is structured. That said, there are some things you can probably expect regardless of where you’re located. Some of the commonalities you can expect in state filing requirements are the need to file an annual or biennial report or statement, statement filing fees, franchise taxes, initial reports, and articles of amendment.

Staying compliant with federal and state regulations is essential if you want to keep your business operating. Consulting with legal experts, using software that helps you maintain compliance, and keeping up on your filing requirements are just some of the things you can do to make regulation compliance easier to achieve. Conduct compliance audits periodically so you can identify where your business may be falling short and make the appropriate adjustments promptly.

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