Small Business Compliance Checklist
Compliance is adhering to federal, state, and local laws and regulations. It's essential to any business's operations, regardless of size or industry. Ensuring compliance can aid employers in mitigating risks and avoiding hefty fines and penalties. It can also help organizations to become more competitive by strengthening their reputation, improving customer trust, and protecting employees' workplace rights.
Compliance obligations can present major challenges for small businesses; most organizations must navigate many of the same complex and regulatory obligations as larger employers, such as complying with the Fair Labor Standards Act but with fewer resources. This is further complicated because a small business's legal obligations often depend on size and location. As a result, failing to comply with legal requirements can hinder a small business's growth and future success.
This checklist outlines steps to help small businesses establish compliance practices. It's intended to be used as a guide. Not all of the following steps may be necessary to create and manage compliance practices. In addition, this checklist only scratches the surface of small business compliance requirements; therefore, the steps in this list should be modified to meet any jurisdictional requirements as well as the unique needs of an organization. Finally, because small business compliance requirements vary based on several factors, including size and location, employers are encouraged to seek legal counsel to address specific issues and concerns.
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