What are Business Legal Compliances
Business legal compliance or statutory compliance is a self-explanatory term, but its absence in most of the businesses shows lacks of knowledge rather than lack of willingness.
In this article, we tried to detangle complex legal compliance terminology on it’s the simple and true sense.
“Business” in it simple words; an occupation or trade which generally includes company, concern, corporation, establishment, firm, industry, manufacture, organization, private enterprise, shop, store and livelihood, living, office, practice, profession, trade.
“Legal” here and in the legal sense means; permitted by law.
“Compliance” in its strict sense means; Observance; conformity; obedience but here simply means duly registered under the law.
Business +Legal +Compliance = Occupation or trade permitted and registered under the law.
The formula is simple, whatever you do for a living, if you put your idea of earning in this given formula above, it becomes a legal reality, which will fuel your success to take it to the heights, without any fears.
This is really important as everybody here is involved in one business or another and we all are very curious to know the dos and don’ts of our businesses.
We have read, seen and listened about the word “Business compliance at various occasions, forums, discussions and so on. It is easy to perceive the word business compliance, here the formula above will make it easy to implement as well.
Someone has rightly said that
“If you are trying to create a company, it is like baking a cake. You have to have all the ingredients in the right proportion”
Another question that generally arises is “why” these compliances.
This is the common question asked in the business i.e., why? That’s a good question, but an equally valid question is “why not”
Do we really know that right from the conception of the idea to its incorporation or formation and further till it’s the winding-up, compliance is everywhere? So Business legal compliance is not only one of the most important ingredient of every business and also the cherry on the cake. As every business starts and ends through compliance.
So compliance means abiding by both industry regulations and government legislation in regards to how you manage your business, your staff and treatment towards consumers.
In other words, Compliance is also one of the most important building blocks of your business which fortified you and your business with confidence and works amazingly to enhance your brand value, more positive reputation, your consumer base would increase and you would gain the trust of the market rather than being vulnerable without armour in this competitive and cruel business world.
On another side with this armour on, positive reputation and brand value of your business would have a spillover impact on the market like you would attract sponsors, advertisers and also facilitate the licensing and further compliances.
See, how simple and beneficial is to comply with laws, regulations and industry-specific legislation, it gives your wings the “Licence to Fly.”
Welcome to the world of “Business Legal Compliance” like this first smooth step up to the legal compliance, we are determined to convert each step from complex to simple and providing our support from general issues in this area to trade specific legal compliances.