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New businesses need to think about regulatory compliance

On Behalf of | Jan 5, 2023 | Business Law, Commercial Law

Forming a new business organization is just the first legal step in launching a profitable enterprise in Plano or the greater Dallas-Fort Worth area.

Taking the first steps in organizing a business no doubt will require attention to important legal details, but even at this stage, business managers do well also to look to their future legal needs.

Among other things, managers of new businesses should consider their obligations to comply with the whole network of state, federal, and local laws and regulations which spell out what the business can and cannot do.

Some of these rules apply to just about every business. For example, most businesses will need to be aware of and follow all the laws which cover hiring, maintaining and terminating employees.

As another example, businesses that own land will need to follow land use laws, and all businesses will need to know about state, local and federal taxes.

Some aspects of regulatory compliance will depend on a business’ industry type

Some businesses may also have to follow federal or state rules that are specific to their industry. For example, those in the oil and gas industry must comply with unique environmental laws.

In all cases, not taking regulatory compliance seriously can lead to fines and costly administrative proceedings.

In more serious cases, trouble with an administrative agency can cause severe financial and reputational damage to a business just as it is trying to get off the ground. These types of legal issues can even cut the life of a promising business short.

Business owners will want ongoing legal assistance with identifying what rules the business must follow and developing an effective plan for responding to these rules.