Business Compliance is one of the major concerns in small business. Most business owners are well aware of the regulations and rules that have to be followed. Business compliance basically refers to the manner in which a company follows the federal, provincial, and local laws and regulations that govern it in business. In doing business, it has to make sure that it abides by the rules imposed by both the government and the private parties. You will be working one on one with a highly experienced professional who can complete the necessary research for you to verify the status of your company with the government.
Your business structure determines what business compliance is required
to ensure good standing. The process has to be formalized so that all the parties have a clearly understood understanding of the legal obligations they have to each other. When this process is underway, business compliance works as the driving force in ensuring that business grows and flourishes. It provides you with a solid framework from which to build.
You might wonder why business compliance as a service is a requirement to begin with. Well, when you do business in Canada you have to comply with all the laws; even if you do not own a single share in the corporation. External requirements refer to all the requirements imposed by the government. Internal requirements refer to the managerial decisions that have to be made in order to operate your business and achieve the desired results.
There are three main reasons why business compliance is a requirement to start a business in Canada. The first is because of the Anti-Social Behaviour Act that was introduced in Ontario in 2021. This Act covers several topics such as harassment, advertising campaigns, nuisance, advertising and sponsorship that encourage behaviour that is considered criminal or immoral. Therefore, your company has to comply with all the changes and additions that are made in this Act in order to remain and stay compliant. Another reason for this requirement is to protect your company’s assets and to ensure that you remain financially safe and secure.
As mentioned earlier, there are three different categories under business compliance requirements.
One category covers general advertising and marketing requirements and another category cover sponsorship and naming requirements. There are also compliance kits available for free on the internet that you can choose to purchase. However, if you are going to invest in one of these kits you need to make sure that it covers all the basics and then supplements that with some advanced educational material. If you only buy a compliance kit that does not come with a comprehensive curriculum, you will be left high and dry whenever you have to submit a court case or do some background research for potential clientele or creditors.
The fourth reason why small businesses need to get serious about compliance is because of their reputation and their assets. A strong reputation means a solid base and if your company is not seen as reputable or professional, it will be hard to attract and retain clients or buyers. Many of the customers that are deciding whether or not to do business with you will make that decision based solely on your perceived reputation. If your business does not seem to be up to par with what they think your company is capable of or should be, they will likely go on to do business with someone who is.
- This means that having a good standing or being certified as a Good Standing Company
- Will make a huge difference in the amount of revenue that your business receives.
- Being a Good Standing Company means that you are generally seen as a professional
and respected business and that you have been thoroughly checked and verified as a business owner and/or a representative of your company. A few different things are taken into consideration when a company becomes certified as Good Standing. First, your business has met all of the other requirements found in the Guide to Compliance and you were also issued a letter of authorization from the Attorney General. In order to receive certification as a Good Standing Company, most states require that at least one of the owners or managers be a United States citizen and over eighteen years of age.
To make sure that you have everything that is needed in order to become a Certified Good Standing Company as well as being able to keep your Good Standing status, you need to consult with an attorney who specializes in small businesses. When you take the time to do this, you will be able to determine exactly what is required for you to maintain a Certified Good Standing status. There are certain requirements, such as annual auditing, that must be met in order for your business to maintain a Good Standing status and these audits can make sure that you are properly compliant with all of the laws that are related to your business and ensuring that your customers remain satisfied with your services.