Incorporating your business and maintaining compliance at the state level are important steps to take to protect your personal assets, as well as to remain in good standing with the Secretary of State’s office. Another step to take to keep your business above the rest is to understand federal regulations pertaining to your business.
Although the federal government doesn’t regulate all business activities, it does set requirements that some companies must satisfy. To ensure that your business is in compliance with government rules, familiarize yourself with requirements for your industry.
The most common federal requirements for businesses include:
- Employer Identification Number (EIN). The Internal Revenue Service requires every corporation, limited-liability company operating as partnership, and employer to obtain an EIN. We can help you apply for an EIN, also called a Federal Tax Identification Number.
- Tax Obligations for Businesses. Small-business owners need to understand their federal tax responsibilities. The IRS publishes a “Tax Information for Businesses” page on its website that provides general information to business owners.
- Business Licenses and Permits. Some agencies require owners of certain businesses to obtain business licenses at the federal level. For example, companies in the transportation industry may need to register with the Federal Motor Carrier Safety Administration.
- Labor Laws. Business owners who hire employees must comply with numerous labor laws regarding wages, benefits, working conditions, and more. The Labor Department publishes an “Employment Law Guide” to help employers meet these requirements.
- Posting Requirements. Depending on whom they hire, business owners must display certain posters from the Occupational Safety and Health Administration, the Employment Standards Administration, and other departments. The Labor Department has outlined posting requirements on its website.
- Industry Regulations. Specific industries have special requirements for conducting business. For example, owners of farming companies must comply with environmental regulations. Owners of construction businesses should identify and understand hazardous-materials laws.
If a federal agency governs your business activities, check with that agency for more information about its requirements. For an alphabetical listing of federal agencies, visit USA.gov.
If you need help incorporating your business or determining which business licenses and permits are applicable to your business, or you need to obtain an EIN, The Company Corporation® can help you. Visit The Small Business Authority’s “Incorporate Your Business” page for more information.
The Company Corporation® furnished this article as part of a series that appears every Friday on Thesba.com. The Company Corporation® is a service company and does not provide legal or financial advice. For more information, visit Incorporate.com.