These are the obligations that a small business owner must fulfill

More than 11 million Brazilians Individual Small Entrepreneurs (MEI). Unemployment caused by the COVID-19 pandemic has heated up entrepreneurship in the country. Today, more and more people own their own business. To stay up-to-date on all obligations, check out MEI Assignments.

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Failure to comply with certain measures may result in fines for the individual micro-entrepreneur. For example, this is the case for those who fail to pay the Document of Simplified Collection (DAS) each month.

MEI Obligations

By switching to MEI, the entrepreneur has a series of advantages. With its formalization, what was once a small business is now CNPJ. It is also possible to be invoiced, have an employee and many other benefits, including paying lower taxes and in fixed monthly amounts, which helps in financial planning and controlling expenses.

In addition to all the benefits, you also need to monitor the obligations of each MEI. According to the rules of the Federal Government, every person who becomes an MEI must always issue an invoice for any work performed with legal entities.

Another important commitment is to finalize the total revenue report. This accountability should take place every month.

The trend is for the MEI to keep all purchase and sale invoices for at least five years. These documents are important if any type of proof of business transactions for the company is required.

Once a year, one of the obligations of the MEI is to submit an annual billing statement. Another obligation is to comply with the purchase limit and pay the difference in price. On the portal of the federal government gov.br, interested parties check all the rules and guidelines for those who want to become an individual micro-entrepreneur.