This story appears in the October 2016 issue of Entrepreneur. Subscribe »
Hold on there. Let's back up and talk about what "compliance" is.
Industries can be divided into two categories: the heavily regulated and the less heavily regulated. We all know the ones buried under the most paperwork: healthcare, manufacturing, food, transportation, financial services and energy. For those companies, compliance is core to their very survival. But even if you're not working in one of those industries, you still have a lot of laws and regulations to follow -- submitting employee taxes, generating W-2s, staying on the right side of wage and health insurance rules, workplace safety and more. That's all "compliance," too. Compliance covers nearly every aspect of your business.
Related: Avoid These 3 Employment Compliance Mistakes or Risk Fines
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