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The sheer number of agencies at the federal, state and local levels gives rise to a maze of licensing, registration, and permit requirements – and these can vary by location, industry, and by type of business activity.
Regulations are also constantly changing. Each year, up to 65% of license registration requirements change, and enforcement actions against business license violations are increasing. Changes to your business operations, locations, or offerings can also trigger new requirements. If your company is not compliant, it could face penalties, fines, interruption to business growth, and adverse publicity.
In order to avoid such outcomes, follow these six steps to evaluating your company’s business license compliance.
Step 1: Gather all relevant data into a single portfolio
Effective business license compliance begins with thorough research of your existing portfolio.
Step 2: Storyboard your process for business license management
Review how the current business license compliance function is conducted, and how effective it is at meeting business needs.
Step 3: Identify triggers for new compliance actions
The following business events and changes trigger a license action, such as applying for a new license or a cancellation of existing certifications. Do you have a process to track such changes?
Step 4: Assess your compliance risk
To avoid noncompliance, review your current process for assessing business license compliance.
Step 5: Ensure due diligence moving forward
Gaps in compliance put your business at risk. Develop a process to ensure you’re conducting the appropriate due diligence to help you assess and react to the licensing implications of the business events listed above.
Step 6: Develop your compliance plan
Effective compliance management is difficult without a plan, the absence of which can lead to things falling through the cracks. Consider the following as you develop your license compliance plan.
Regardless of the size or type of business you operate, getting your business licenses in order – and ensuring ongoing entity maintenance – is more important than ever. Regulations are constantly changing, and enforcement is on the rise. Creating a compliance plan and developing a strategy to ensure the compliance portfolio offers long term protection is key to lowering risk due to non-compliance.
To learn more about how CT can help you manage your business license needs, contact a CT Service Representative or call (844) 400-9804.
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