If you’re new to the business, it’s essential first to understand what you’re trying to achieve. Once you understand your current state, start planning your transformation. This guide provides tips and resources for startups.
Learn How To Be Compliant With The New Industry Standard
Startup companies are now required to comply with the new industry standard that the FTC created. The FTC has gone through many changes in their regulations, and they have put a lot of power into the hands of the public.
The new regulations are called the “Consumer Privacy Bill of Rights.” This will dictate how companies can do business in the future, and these guidelines include having employees use their real names, protecting customer information, not selling their data, etc. To stay compliant with all of these rules, it’s important to know what you should be doing. Also, you need to know how to apply for a legal entity identifier if this applies to your business.
Get a Legal Opinion About Your Business
The first step to starting your own business is determining what needs to be done. You need to start with a legal opinion to know where you stand and act accordingly.
In the US, there are three types of entities allowed to do business: sole proprietors, partnerships, or corporations. Sole proprietors have unlimited liability for their business activities and losses and have no entity to separate that liability from themselves.
Partnerships exist only when both partners agree to become one entity for the partnership to operate legally, which has its own set of liabilities and limitations. Corporations offer limited liability protection and governance structures that can help you control your company’s activities.
If you want more protection from personal losses than a sole proprietor offers, check out what a corporation will offer you before doing anything else. A corporation will give you more stability than a sole proprietor because it separates your liabilities from your business liabilities, something not offered by a sole proprietor or partnership.
Once you decide on an entity structure, pay close attention to any tax provisions available through that organization and see how they might fit within your overall strategy.
Make Your Business Compliant Online
Once you start your business and establish a website, you’re going to want to make sure that it’s compliant with the laws in your country. This is so that you can stay up on changing laws and protect yourself from any potential legal trouble.
To ensure your website is compliant with the law, here are some steps that can help you:
- Make sure your site is using SSL, which will encrypt browsing data so a third party cannot intercept it
- Make sure your site is accessible for all devices
- Make specific content on your site is in line with GDPR (General Data Protection Regulation)
- Ensure user data isn’t stored in the wrong place or unsecured locations
- Get certificates for Google Analytics and Webmaster Tools to show your website’s credibility
- Ensure there are no inappropriate images of children on your site
How to make your business compliant
Businesses are required to follow specific rules and regulations. As a business owner, you’ll have to comply with these laws and regulations.
These rules vary depending on the type of business you’re in (SEO, E-commerce, etc.). However, there are some common restrictions for companies that you should know about:
- You cannot close your business without satisfying all the terms of your lease
- You must pay your employees a minimum wage
- You cannot discriminate against employees or customers based on race, sex, or gender identity
Follow these guidelines to make sure your new startup is compliant from day one.