Running a business is going to come with a number of choices that you have to make. You need to base your decisions on what is ethical in order to help a business thrive for years to come. The last thing you want is to run into legal issues due to the way you run your business. You do not want to hire a federal crime lawyer to protect you in case of potential incarceration.
If you have to wonder if something you are doing is legal, the odds are that you shouldn’t be doing it in regards to your business. Something like mislabeling items or lying about the country they originated from can result in criminal charges. This is fraud and depending who you sell to, this could be a federal offense. A number of military contractors have been arrested for fraud when it comes to the supplies they were providing the military. The following are potential legal issues you can run into if you don’t run your business ethically.
Don’t Cut Corners On Taxes
Small businesses have so many different expenses and things that can be written off come tax season. Hiring a small business accountant is likely going to be the best option. The last thing you want is to be audited by the IRS due to unpaid taxes. There are so many different payment platforms and ways people pay that a business needs to account for. The ability to save money through hiring an accountant that understands tax breaks pays for itself. Tracking expenses closely is important but this is easier in today’s digital world than ever before.
Terminate People By The Book
Being taken to court is something that nearly all people that own a business will encounter at one point or another. Discrimination in the workplace can be a huge issue at some companies. As the owner, you need to eliminate this culture by writing policies and reprimanding those that violate them. The tough aspect of this is that people might continually violate these until they are terminated. The difficult aspect of this is that a top performer could be terminated due to the policy. This is far better than losing a wrongful termination suit where you could be paying a former employee for years.
Hire A Compliance Professional
Hiring a compliance professional so everything is on the up and up is important as you grow. There are problems that arise when a company grows as it could be subject to new rules as it grows. An attorney on retainer that deals with commercial matters is also important. This person can help with writing up contracts or give advice on what to do next when a client fails to pay.
Run your business in an ethical manner and you will not have anything to worry about. Problems arise when corners are cut in the name of profits and at the sake of the customer.