If you are starting a new business or your business is fairly young, you will find there is a long to-do list you need to check off to protect yourself. I have compiled a list of some your common business needs below. Remember, protect yourself now before your business gets sued.
OBTAIN AN EMPLOYER IDENTIFICATION NUMBER-To file business taxes, you need an employer identification number. You can visit the IRS website to get your EIN number.
KNOW THE TAXES YOU HAVE TO PAY-Speak with your accountant. If you don’t have an accountant, get one. The accountant will review with you the different types of taxes you have to pay, including federal tax, state tax, social security, Medicare, and federal unemployment tax.
HIRING EMPLOYEES- Again, speak with your accountant. Having employees impacts your taxes. You need to pay Medicare and social security for your employees and properly withhold the right amount of taxes on their behalf.
TRUTH IN ADVERTISING AND MARKETING- The law requires you to be truthful in your advertising and marketing. If you make any claims during an advertisement, you must have proof to back it up. Do not be misleading or unfair. You will be sued if you are misleading or unfair. Also, do not bait and switch!
CAN-SPAM ACT- The CAN-SPAM Act regulates commercial emails. The law requires honesty and bans deceptive subject lines. In addition, you must tell recipients where you’re located and give them an easy way to opt-out of your email messages.
TELEMARKING SALES LAW-If you plan to sell products by mail, phone, or online, read the FTC’s telemarketing rule. Businesses are required to ship products within 30 days, provide delivery notices if a product is delayed, and give refunds if an order can’t be filled.
Thank you for reading, my business is to protect your business!
Watch the video above to learn more.