Small Business Legal Audit
Is your small business healthy when it comes to legal risks and vulnerabilities? It can be exciting to start a small business in Oakbrook Terrace and to begin the process of structuring your business and hiring employees, but many legal complications can arise. When most small business owners hear the term “audit,” they think of a tax audit or an accounting audit. Legal audits are very different. Legal audits refer to a small business owner hiring a DuPage County business law attorney who can review the operations of your business to determine whether you are likely to encounter any legal problems.
When you run a small business, there are already many complicating matters that arise on a daily or weekly basis concerning your company. You should not have the extra anxiety of worrying about whether your business is at risk of a legal issue. A business lawyer in Oakbrook Terrace with experience assisting Muslim small business owners can speak with you today.
What Happens during a Legal Audit?
There are many legal issues that can arise for a small business owner in Oakbrook Terrace. When your business lawyer conducts a legal audit, it will likely involve many of the following issues:
- Federal and state government paperwork and filings: Your lawyer will check to see whether you have obtained both a federal and state employer identification number (EIN) and whether you have obtained any required state licenses for the type of small business you are running.
- Contract issues: Are all of your business agreements contained within valid, written contracts? Do you have plans in place to resolve any contract disputes that might arise? If you have standard contracts that you are using for your business, have you considered liability limitation provisions or provisions for making contract amendments? And is your small business in compliance with the contracts it has signed?
- Employment issues: Small businesses in DuPage County must comply with numerous federal and state employment laws. During a legal audit, your attorney can assess whether you have the proper non-discrimination, sexual harassment, and Occupational Health & Safety Administration (OSHA) policies in effect? Have you posted the proper signage around the workplace? Does your small business have all of the necessary paperwork for each of its employees, such as I-9 forms and W-2s?
- Federal and state law requirements: Your business will need to abide by all relevant state and federal laws concerning worker safety, employment discrimination, environmental protection, consumer protection, advertising, corporate law, real property law, and tax law. Not all laws that apply to businesses in DuPage County will be applicable to you, but it is extremely important to ensure that you are in compliance by having a legal audit conducted. For instance, are the questions you ask prospective employees in interviews and other job materials lawful under laws such as Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act (ADA), and the Age Discrimination in Employment Act (ADEA)?
- Keeping records: How does your business keep track of its profits and losses, and its expenses? Where and how does the business keep track of contracts? How about employee records and yearly tax filings? If your business has more than 10 employees, are you keeping proper track of OSHA records?
Contact an Oakbrook Terrace Business Lawyer
All of these questions and more are likely to arise during a legal audit to ensure that you are running your small business with as few legal risks as possible. If you are interested in learning more about legal audits, a dedicated Oakbrook Terrace business law attorney can discuss your options with you today. At Farooqi & Husain Law Office, we have years of experience helping Muslim small business owners in DuPage County. Contact us to learn more about how we can assist you.