Operating a successful business can be extremely satisfying. However, it can be overwhelming, especially when you consider the federal, state, and local laws and regulations that your business must comply with each day. The federal fines, lawsuits, criminal penalties, and other damages that can result when a company experiences compliance issues can be costly. Our South Carolina business compliance lawyers help businesses review their compliance requirements to ensure they are adhering to the requirements for their business.
Common Compliance Issues That Many Companies Face
Each company is different; therefore, your company may or may not face these compliance issues. In addition, companies in specific industries may have compliance issues that are unique to the industry. A South Carolina business compliance lawyer can help you understand which laws and regulations apply to your business and institute a plan to ensure compliance.
1. Wage and Hour Laws
Most companies understand wage and hour requirements for minimum wage and normal working hours. However, you may need assistance to ensure you are complying with wage and hour laws for overtime pay. Failing to pay overtime can result in costly fines. You need to understand how to identify the employees who must be paid overtime wages and the employees who are exempt from this requirement.
2. Franchise Agreements
If you opened your business under a franchise agreement, you must comply with all terms within the agreement. Some franchise agreements contain numerous terms and conditions that regulate even the smallest detail of operating the business under the franchise’s name. Reviewing the agreement with a South Carolina business compliance lawyer is a good idea.
3. Protection of Client’s Data
With the numerous security breaches being reported by businesses throughout the United States, companies must take steps to prevent data breaches. Compliance when protecting consumer data is essential for companies to avoid legal issues.
4. Distinguishing Between Employees and Independent Contractors
Companies must be very careful when distinguishing between employees and independent contractors. Employers are required to withhold taxes and pay taxes for employees. However, independent contractors have different rules for taxes. Employers need to make sure they comply with all tax laws and labor laws regarding the distinction between various service providers and workers.
5. Verification of Employee Identity
Employers should verify employment eligibility for all employees. Companies can utilize a Form I-9 to verify an employee’s identity and eligibility to work in the United States.
A South Carolina business compliance lawyer can help a company ensure that it complies with all federal and state labor laws and employment laws. From anti-discrimination policies and employment contracts to privacy concerns and benefits management, several employment policies can create compliance problems if a business is not on top of each of these matters.
7. Professional Licenses and Business Licenses
If anyone in your company is required to have a professional license, you must ensure you have a procedure to ensure those licenses are kept up-to-date. Noncompliance with regulations governing professional licenses and business licenses can result in fines and unnecessary interruption to business.
8. Federal Health Insurance Laws
Compliance with federal health insurance laws can be a complex undertaking, especially for a new business. However, failing to comply with these laws and regulations can result in significant fines. If you do not understand the federal health insurance laws as they apply to your business, our South Carolina business compliance lawyer can help ensure you are compliant with all existing laws.
Call A South Carolina Business Compliance Lawyer for More Information
Compliance issues can be a difficult business matter. Schedule a consult with a member of our team at Willcox, Buyck & Williams, P.A. today. Our attorneys are ready to help you protect your investment and your business from costly fines, lawsuits, and other penalties for non-compliance.