You have started to put your business plan in motion, and you feel nearly ready to open your physical location in New Jersey. Before you proceed, have you read up on the latest government regulations?
Fundera lays out a lot of the groundwork for you. Familiarize yourself with these regulations to better ensure you and your business remain on the government’s good side.
Labor and employment law
If you plan on hiring regular employees or independent contractors, read up on the latest employment and labor laws. Wage laws help you understand how to legally pay your employees. It is also a good idea to take steps to ensure your work environment is safe and free of unnecessary hazards.
Keep the IRS out of your hair by knowing tax codes and regulations inside and out. Do you know how to handle Social Security, income and employment tax? Consulting with an accountant familiar with businesses like yours is a good idea. Depending on the type of goods your business requires, there could be excise taxes to pay.
No one can know about the services or products you offer if you do not advertise or market them. That said, you have to be careful about the claims and testimonials you use in your marketing campaign. Make yourself aware of current labeling laws, and do your due diligence regarding following regulations for email marketing.
Permits and licensing
Do you know which, if any, permits you need to legally operate your business? Depending on your industry, a basic business license may not be enough. Avoid unnecessary fines by securing the right licenses and permits.
This information is only intended to educate and should not be interpreted as legal advice.