One of the most important areas of business law is making sure you're fully compliant with all regulations and laws applicable to your business. But how can you be sure? And how are you supposed to know every single law your business needs to follow? That's where regulatory compliance consulting comes in (plus the knowledge of our highly experienced business attorneys).
What Is Regulatory Compliance?
Regulatory compliance involves businesses following specified sets of rules whether they're on a federal, state, local, or industry level.
There are rules called regulatory requirements that dictate specific aspects of business management such as how employees are treated, how customers are handled, or specifications for specific products or services.
Whether the regulations are related to a specific industry, the city and county the business resides in, or federal laws, if you're unaware of the regulations your business should be complying with, or if you simply haven't taken action to ensure your business is compliant, you could land in some hot water (AKA lawsuits).
Regulatory Compliance by Industry
While there are general regulations that apply to almost every business, there are additional rules for certain industries, such as:
Financial industry - regulatory compliance in the financial industry makes sure banks are operating safely and efficiently, which ensures investors are protected and markets remain fair.
Healthcare - regulatory compliance in the healthcare industry is necessary to make sure sensitive patient data is properly protected.
Energy companies - regulatory requirements for energy providers revolve around environmental safety and employee safety.
Regulatory Compliance for Small Businesses in Pinellas County
Not all businesses are created equal and the same goes for regulatory compliance: depending on your small business' location, size, and type, you'll be held to certain regulations.
The Small Business Administration outlines the different regulatory requirements for small businesses, including:
Regulatory compliance depending on business structure - LLCs and corporations have different regulatory requirements due to how they operate. Corporations have the strictest requirements, while LLCs are a bit more lenient. Each business structure has some type of internal regulatory requirement, making it vital to maintain organized and updated business documentation.
Florida state filing regulations - each state has different regulations, and all businesses within Pinellas County must be compliant with Florida's state filing requirements. This can include items like your annual report, franchise tax, and statement filing fees.
Federal filing requirements - these ones are a bit more obvious and include items such as paying your federal taxes and maintaining any federal licenses and permits.
Local licenses, permits, and certifications - if your business in Pinellas County holds any licenses, permits, or certifications (such as a restaurant's certificate of health and safety or a sales permit for tobacco and alcohol) it's important to make sure you keep up with them.
Regulatory Compliance Services in Clearwater
atCAUSE Law Office provides regulatory compliance consulting in Pinellas County. Our services include:
Review of current business policies and procedures
Reviewing regulatory regulations your business needs to comply with
Protecting you and your business from the risk associated with missing compliance programs, unseen risk, or lack of regulatory oversight
Our regulatory compliance consulting will help make sure your business is fully compliant with all local and federal regulations so you don't have to worry about facing repercussions for noncompliance.