If you’ve researched setting up a business in Utah, then you’ve likely read about compliance. This concept refers to the regulations, laws and rules that your business is required to abide by. Some examples of these may include having to pay taxes, taking out a business license and adhering to certain procedures when hiring and firing staff members. These are in place to protect everyone’s welfare, safety and health.
Most leaders of companies remain compliant with regulations because they want to keep their legal problems to a minimum. If they fail to adhere to them, then they may face varying penalties depending on the severity of the violation.
If a business fails to properly hang up a poster highlighting safety precautions that employees should follow, then they may be given a simple warning and be told to remedy the issue. They may also be assessed fines. If a concern is serious enough that it results in a lawsuit being filed, then a company’s operations may be shut down.
Companies can minimize their risk of being found noncompliant by having a consultant advise them of their responsibilities. Many companies stop short of doing this though. This is often why employers get sued for harassment or discrimination or when workers get hurt on the job.
Research has shown that companies that remain compliant with existing regulations tend to have a more productive workforce. They retain employees as a result.
This is why many compliance consultants recommend for companies to clearly detail their policies and procedures that workers must follow in their employee handbooks. These should align with the company’s compliance obligations. They also suggest that workers should be retrained and/or reprimanded for any violations of these policies and procedures.
Companies that take time to learn more about compliance and abide by those government regulations are often successful in painting a more desirable public image of themselves. This may entice more desirable candidates to come work with them and cause those in the community to have a better perception of their company.
Most businesses in St. George comply with existing regulations such as taking out a business license or paying their taxes. Some fail to comply with industry-specific rules that they’re supposed to follow though. An attorney can provide advice and guidance for selecting and forming the appropriate legal entity and meeting your compliance obligations.