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What must businesses do in order to meet legal and financial regulations
First of all, when it comes to Legal Regulations businesses must follow the Employment and Labor Laws such as wages and hours, workplace safety and health, equal opportunity, non-US workers, employee benefit security and family and medical leave. There are also rules regarding Antitrust Laws which basically sets the rules to competing with other companies.Advertising is another topic entrepeneurs need to pay attention because there are rules to be followed when advertising your company such as label rules, rules for selling on the internet, and others.The Environmental Regulations is another important thing to consider when running your business, specially if your product is claimed to be eco-friendly in any way.Privacy regarding the employees data since the companies keep a lot of sensitive information of the staff is another legal regulation.And last, but not least, the State Licensing, which is a requirement for a business to actually exist. If your business is related to food or beverages you must own the specific licenses, for example.Now regarding to Financial Regulations, a business owner needs to meet some requirements, less than banks, for example, but still even the Financial Regulations for banks impact small businesses owners. Businesses must follow the Tax Code, meaning not only paying for taxes but also knowing what to pay for, when to pay for it, and how to set your business for paying for them.
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