Factors That Can Put Your Business License at Risk
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.
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.
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.