Sunday, 22 July 2018

Information and commentary for the small business banking industry

Are your small business customers legally compliant?

26 Apr

If you’ve got small business customers who are thinking of, or in the midst of, starting up a new business, it might be a good idea for their assigned small business advisor to check, in an advisory capacity, if they’ve got all their legal and compliance boxes ticked. All too often, people dive into a start-up without first checking that they don’t have any legal obstacles in their way.

There will always be compliance issues. It’s a good idea to make sure they know everything they need to do to get their business off the ground legally. Checking what licenses and permits they might need is essential, and they also need to register for an Employee Identification Number (EIN) with the IRS. While on the subject of taxes, they also need to have decided on a business structure and have a basic grasp of the business taxes they’ll need to pay.

Then there’s a business name. If they haven’t already thought of one, you could help with some brainstorming. They’ll need to register the name as well.

And of course, they’ll need to make sure they have the proper business bank accounts open and ready to go, along with a range of payment options for their customers, credit cards and finance solutions.
The below article is a good one to share with them – it looks at legal and compliance issues in more detail.

Read the full article at:

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