Compliance Strategy

Is your business compliant? Do you sometimes feel lost as a business owner? Maybe you are feeling a bit stressed that there’s something you were supposed to do with a legal entity that you didn’t realize? Quit putting fires out as they happen and figure out a strategy.  Let’s put your mind at ease. There are three compliance topics you should be focused on: Business entities, people and contracts.

Business Entities

Plan strategically with LLCs and S Corps.  Understand your maintenance obligations to stay out of costly legal situations.

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People Compliance

Understand how a people management system will reduce your liability risk.  Don’t let concerns with your team take a back seat.

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Plain Language

What written terms, policies, and agreements does your business actually need?  Use plain language to avoid misunderstandings.

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Be Strategic With Business Compliance

Book a Compliance Strategy Call

Book a call with Dana to discuss your compliance strategy questions.  Dana Ball has 25+ years of experience as a Utah business attorney and business owner.  Dana consults with businesses in and outside Utah regarding compliance strategy.  It does not matter where in the United States your business is located to book a compliance strategy call.  It’s always the right time to discover any compliance gaps with your business.

NOTE: Compliance strategy calls are NOT legal advice!  For legal advice, contact a licensed attorney in your state or where your business is located.

Did you know that Dana has over 80 videos on youtube to help you learn about protecting your business?  This is FREE learning 24/7, so watch at your convenience: Dana Ball on Youtube

Book a Compliance Strategy Call

”Lawsuits can take a toll, it is distracting and can put you out of business. Get in touch with Dana today and save your business the setback a lawsuit poses.

Here are measures you can take to protect your business:

According to recent statistics, small businesses make up 99.7% of the workforce in the United States.  Small businesses are important to the economy and we need you to be successful in running your business. Small businesses are also prone to common and avoidable legal mistakes. The two primary reasons why small businesses end up in court are from problems with either contracts or employees.

1

Avoid the use of AI and online form templates

With quick information and forms on the internet, it’s easy to think we can handle any legal issue ourselves. Stop yourself before you make a mess of your business. As a business owner, it’s essential to understand that there are some legal issues that absolutely require the assistance of an attorney. An experienced attorney can keep you from getting into trouble in the first place.
2

Protect your personal assets

Business owners often choose to form a corporation or a limited liability company to avoid personal obligation for business debts and liabilities. But sometimes the courts hold the owners personally liable. However, courts are less likely to hold you personally liable if you properly maintain and operate the entity. The biggest mistake you can make is co-mingling business and personal funds or assets!
3

Be careful with employee compliance

You must also comply with a host of laws that define your relationship with your employees. This includes hiring, on-boarding, performance, termination, training, payroll record keeping, anti-discrimination, along with wage and hour requirements. Be particularly aware of the state laws where your business operates.
4

Document everything

Document conversations by sending a follow-up email. Emails provide a timestamp, give the other party an opportunity to clear up any misunderstanding, and puts it in writing. Save these emails in a place where there’s no chance of data getting lost, in case you might need them. Having a stack of emails to support your version of events will go a long way to minimize the damage from a legal mess.
5

Address complaints timely

Timeliness is a secret weapon to avoid small complaints from turning into full-blown lawsuits. Don’t ignore complaints from customers, employees, or anyone else, hoping the issues will go away or work themselves out.
6

Seek legal advice early, especially with Contracts

If you wait for a crisis before talking to an attorney, it might be too late, an annual check-up with your small business attorney is a great way to prevent this. Doing so can reveal traps and provide tips to keep you in business for the long haul.

Don’t End Up In Court

How would your business survive a lawsuit costing $150k+ and lasting 2-3 years? You can’t control that one person who wants to sue you, but you can make it very difficult for any legal action to be successful. It’s up to you on how prepared you are. Small businesses deserve all the encouragement they can get, however, 20% of small businesses close down in the first four years of business. Sad, right? This could be avoided. Litigation causes more damage than good. Even if you do have enough insurance to cover the costs involved in a litigation suit, there are many other factors that money cannot help. These include:

  • The emotional cost
  • The cost of time away from running the business
  • The cost of lost reputation
  • Loss of staff
Book a Compliance Strategy Call

How Compliant Is Your Small Business?

Today, we live in an era of economic and financial volatility where small businesses have their work cut out for them. It’s a daily challenge to keep your small business competitive while hitting sales and generating profits. In a bid to stay in business, it is vital to carry out routine checks on your business.

On completion of this routine checkup, the challenges and problems the business is facing should be identified. The next step is to layout strategic plans that will help put the business in order.

These regular checks help in ascertaining the profitability of your business by:
  • Figuring out who your professional advisors are which should comprise people from other professions such as lawyer, accountant, insurance advisor, and a business coach.
  • Ensuring that your business documents still suit your business needs as your business advances and grows. This should include reviewing and updating if necessary: the entity agreements (Operating or Shareholder), employee handbook, code of conduct and any policies and procedures.
  • Updating state and local licenses, permits, and terms of use sections.
  • Conducting scheduled training for employees to help them understand their roles and responsibilities. This will help them stay informed on any policy changes and updates to job descriptions.  This also keeps you legally compliant with EEO regulations.

Don't Wait! Schedule a Compliance Strategy Call Today!

How would your business survive a lawsuit costing $150k+ and lasting 2-3 years? You can’t control that one person who wants to sue you, but you can make it very difficult for any legal action to be successful. It’s up to you on how prepared you are.

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