3 Things Business Owners Should Know

In the transport industry, real estate, and in other industries, there are some core concepts that pervade everyday operations. Local regulations are of paramount concern for fleet owners. Real estate principals must follow strict disclosure rules.

Finally, all owners are bound by licensing and permit requirements.

Transport Fleets: Local Regulations

Transport fleet managers face a dizzying array of rules, regulations, guidelines, laws, and industry standards.

Except for the medical field, there is probably no other business sector that operates amid such a dense atmosphere of regulatory oversight. If your company operates within the government fleet niche, it’s imperative to be conversant with the state’s smog check guidelines.

Falling out of compliance can be a costly mistake but one that is easily avoided. In nearly every situation, telematics systems can prevent problems in this regard. That’s because telematics can minimize the amount of time required for doing standard smog checks.

What does that mean for owners of transport firms? In addition to more uptime for all vehicles in operation, a smooth smog check process means across-the-board reductions in operating expenses going forward.

Disclosure Rules in Real Estate

Real estate agents and agency owners need to stay on top of disclosure and other laws pertaining to what they must tell prospective clients. Likewise, real estate pros must also understand that there are many specific topics that cannot be discussed with potential buyers.

Rules vary from state to state, but for the most part, people who seek professional help buying or selling property must be told about, or sign off on, a long list of facts about the particular property.

In general, agents cannot discuss informal knowledge they have about the neighborhood, including rumors of potential retail development or any other non-factual topic. State laws tend to be strict about revealing any faults of a given property or structure.

One reason for mandatory home inspections is to help both sellers and buyers gain an objective insight into the value of a house or piece of raw land. Appraisals are another tool that helps everyone start from a non-biased point of valuation.

Licenses and Permits

No matter what you sell, produce, or offer for sale, improving business performance is important but it’s imperative to find out about license and permit requirements in your local area. There are four levels to check: federal, state, county, and municipal.

Expect to pay fees for some of the paperwork and approvals, but in many cases, the expenses related to licensing a small business are modest or non-existent. Depending on where you operate, there might only be a paperwork requirement and no fees at all.

For the great majority of online and e-commerce entrepreneurs, the process is a simple one. First, check IRS and state websites for information about taxes, licenses, and permits. Don’t forget to include county and city sites as well.

Second, fill out all required forms, registrations, and other documents to make your company legal. Finally, remit appropriate fees before launching the business. Ignoring these steps can come back to haunt you later in the form of fines, penalties, late fees, and punitive taxes.