Subject: Common Business Needs Part 3
If you are starting a new business or your business is fairly young, you will find boxes 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.
SALES TAX COLLECTION ONLINE- According to the FTC, if your business has a physical presence in a state, such as a store, office, or warehouse, you must collect applicable state and local sales tax. Of course, some states don’t have any sales tax. You’ll want to read the FTC guidelines and check with your state’s revenue agency to make sure you comply with the law. Also, speak with an accountant as well.
INTERNATIONAL SALES LAWS-Online, any business can sell their products internationally. Make sure to speak with an accountant about international and local regulations regarding shipping, various taxes, and customs.
DATA SECURITY-If you follow the news at all you should be aware that data breaches are quite common. If you store confidential information, make sure you have the toughest security online as possible and read up on the latest data security laws.
AFFORDABLE CARE ACT-Make sure to be up to date about the latest healthcare laws and requirements.
HEALTHCARE PRIVACY-If your small business offers healthcare policies that can be accessed online, you’ll need to come up with a security plan for this data as well. If the information is ever breached, there are rules in place to notify those affected.
PROTECT YOUR INTELLECTUAL PROPERTY-If you develop a new product, you’ll want to protect it with a patent. You can also protect your business name, symbols, and logos by applying for a trademark. Speak with an Intellectual property attorney for more information.
To protect books, movies, digital work, and musical pieces, you’ll want to copyright your work.
Thank you for reading, my business is to protect your business!
Watch the video above to learn more.