Whatever your view on business rules and regulations, they are there and, as such, non compliance is not an option.
Although this is not the most exciting part of planning a business, the simple fact is that if there are regulatory or legislative factors which impact upon your business you need to know about them and be compliant with them.
Not doing so isn’t an option and in some respects this is the most important thing in starting a business … if you don’t comply with business law it will be illegal or you will be prohibited from selling your product or service, and therefore you don’t have a business! That may sound over dramatic and the reality is that most business law is there to protect business owners, employees as well as customers and suppliers.
Although business law is constantly changing, taking the right approach to compliance at the outset will minimise the time required to take actions on changes or keep things in order on an on-going basis.
This information is provided as an overview of the business regulation and legislation you might come across and the general impact it has on the commercial world. It is highly recommended that you research any area of business you are looking to enter and ensure any compliance issues are dealt with and adhered to. We would always suggest that you seek professional and/or legal advice on all aspects of business law.
It can seem quite daunting when starting a new business and considering all the various rules and regulations but the degree of difficulty can depend on the type of business you are looking to start and the scale and level of complexity of the regulation that surrounds it.
There are of course several areas of law which impact on all businesses irrespective of their nature such as Health & Safety, employment and insurance for example but these can be easily manageable within the normal running of the business if you set out on the right foot. Always remember that as well as making sure you act within the law as a business owner, business legislation also protects you from illegal acts.
Business law is complicated, it is imperative that you seek professional advice if you need support.
Business law thinking from Yorkshire Powerhouse
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