Although it may seem like more paperwork on an already massive to-do pile, regulations are much more urgent than the average rule. Compliance regulations are significantly more serious than the average simple mistake, so it’s worth making sure your business stays within any applicable limitations.
What Are Compliance Laws?
Every town, state, and country has expectations for how businesses can and can’t act. For the most part, each region clearly states these expectations in easy-to-find places, such as on government sites, commercial centers, and other information centers.
The problem comes when businesses are acting across multiple regions, as many areas have unique expectations. As such, it’s crucial to be aware of what areas your business operates in to better assess which compliance rules apply to you.
The rules typically cover predictable areas of business. For instance, local townships often have limitations on where they display advertisements, such as where to place roadside signage—if at all.
State laws often cover details like what goods are permitted across the border, such as allowing or banning certain recreational drugs. Federal laws usually dictate expectations, such as ADA compliance of parking lots and equal opportunity employment.
International compliance covers a mixture of all the above and will vary depending on the relationships between involved countries and what air or water space is used to transport goods.
How To Find What Laws May Apply to You
As noted, what laws your business is subject to ultimately depends on how and where it typically operates. eCommerce sellers, for instance, won’t need to worry about regulations on the upkeep of a storefront. On the other hand, they will most likely want to be familiar with the rules of different states they ship to.
Many regions have limitations on types and quantities of goods. Similarly, manufacturers importing from international sites will want to be aware of limitations, wait periods, and tax burdens on volumes of merchandise passing through ports.
Understanding and following regulatory compliance laws can and will save you from unexpected and sometimes devastating fees. Even if fees aren’t a strong motivator, staying on good terms with local agencies certainly should be.
It’s well worth taking the time to investigate the fields your business is active in and then double-check for applicable laws. It’s a matter of saving time, money, and grief in the long run—even if compliance at first seems inconvenient or costly.
other related articles of interest:
5 Common 401K Compliance Mistakes Small Business Owners Commit
As mentioned, there’s no shortage of ways to get up to date with what rules your business needs to adhere to. Resources such as the Small Business Administration are great tools to start with. Otherwise, your local township’s commerce office will be able to further help and guide you through any fine details you may have missed.
Image Credit: by envato.com
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