One thing that many immigrants and established citizens in the United States have in common is the concept of the “American Dream”. It is the idea that you can come from nothing, start your own business, and succeed in the world. Wherever you come or start from, the road isn’t easy and today there are certain legal responsibilities you have to ensure your American dream stays a reality.
Not Following Regulations
When starting a business, you often need to obtain a business license; permission and certification that you are qualified to be running your business. Maintaining your license and receiving renewal permission greatly depends on your ability to follow regulations. Failure to follow regulations will result in a loss of your business license, fines, and potential lawsuits. While the different requirements for each industry can be extensive, those requirements are easily found with your overseeing federal agencies and departments you register your business with.
Criminal Convictions
If you have a criminal past, there are certain businesses you simply cannot obtain a license for. Some of those industries include medicine, law, finance, or dangerous materials. This law is intended to protect you and the rest of society.
When applying for a business license, you must disclose your criminal history. According to Lucy S McAllister, failing to disclose a criminal conviction can result in further violations. Recognize that if you do have a criminal history that prevents you from obtaining a license for some industries, there are still numerous business opportunities for you to pursue within the bounds of lawful entrepreneurship.
Financial Bookkeeping
Once your business is up and running, it is critical you keep detailed financial records. Placing this at the top of your priorities will ensure your income and expenditures are recorded properly. According to Gateway Commercial Finance, records are meant to help you keep track of your financial situation, but they also help you meet your tax obligations. Too many businesses fail to instill proper security measures over their assets resulting in embezzlement, misappropriation of money, and failure to pay the proper amount of taxes. A thriving business can be sunk in a hurry if proper bookkeeping is not a priority.
Taking ownership of your business can be an arduous task but doing so will protect you from legal consequence. If you are unsure of any legal parameter, it is best to check with your local licensing offices to make sure you are adhering to the variety of regulations at the local, state and federal level. Doing so will help your business be one step closer to achieving the American dream.
How to Reduce Expensive Mistakes in the Workplace
No one is perfect, and that includes employees. Sometimes, mistakes can be costly for a business. To minimize the amount of money wasted on…
From Darkness to Light: Ralph Sanders is an Inspiration for Troubled Youth
Sometimes, we have to reach our darkest hour in order to see the light. For Ralph Sanders, this couldn’t be more true. After going…
Emergency Pediatrician Dr. Louis Hampers Exceeds Expectations At Every Turn
Described as talented, focused, passionate, engaging, and energetic, Dr. Louis Hampers has spent his career working tirelessly as an Emergency Pediatrician. Known for always…
Why You Should Listen to What Your Body is Telling You
Our bodies are incredible, layered, complicated machines. Our nervous system is perfectly constructed to deliver signals to the brain about all of the goings-on…
How to Keep Your Kids Safe in the Car
As a parent, one of the best ways to keep your kids safe is to keep a careful eye on them. However, you can’t…
A Conversation with Yael Eckstein, IFCJ President and CEO, on the Festival of Weeks, Shavuot
Yael Eckstein, IFCJ President and CEO, oversees all ministry programs and serves as the international spokesperson for the International Fellowship of Christians and Jews.…
Cancer is Rampant in Saipan, but Dr. Peter Brett and the CHCC CARES About Screenings
Since arriving in Saipan in 2019, resident oncologist Dr. Peter Brett has diagnosed many patients with late-stage cancers. As someone who is in the…
What Teachers Should Be Trained to Spot in Students
As a teacher, you are responsible for children’s education. However, there are other ways you can play a positive role in your students’ lives.…
How to Modernize Your Small Business
When your business is first starting out, you have a lot on your plate and it can be difficult to stay up to date…