Steps to government regulation

Written By Steps To Faculty Published July 6th, 2010

Government regulations of small and big companies must be adhered to so as to ensure its continuity and to ensure solidity of business. It is advisable for companies to familiarize themselves with the applicable regulations, such as Sarbanes-Oxley, and to hire someone to advise them. These government regulations include:

Step 1 ensure the safety of the products

All products must be tested by a government approved testing firm before sale. Once the products have been approved to be fit for consumption,then they can be sold to the consumers. If the products are use by the consumers before they are tested then later proven to be harmful, the company will be sued or closed down.Go to the bbb.org or Better Business Bureau to get a list of the specific government agencies that review product safety concerns.

Step 2 Check licenses and permits

Before a business start operating, the business needs to be registered for it to be allowed to transact business legally. The permit and the license are basic requirements which the government provide. Failure to adhere to this government regulation, the company can be closed or fined heavily so as to deter others from repeating the same malpractice of transacting business without a permit and a trading license.

Step 3 Establish price controls

It is a government directive that all companies whether small or big should not exploit the public by over pricing their products or the services they are offering. The prices set by the government to suit the small and big companies must be adhered to the latter. Be sure to look at the prices set by your competitors and those that are considered to be within reason by the General Business Office, sba.gov.

Step 4 Review taxation

All companies are required to file an income tax return with the government so as to be issued with the tax code to be used by the revenue authority to collect taxes from these companies. Go to irs.gov for details.

Step 5 Assess employee terms and conditions

The employees of the company should be treated with justice and fairness without fear or favor. They should not be overworked, underpaid or fired without notice or genuine reasons. A company can be sued if terms and conditions of employment are not adhered to.

Remember adhering to government regulations aves you from many problems in the future. Please visit stepsto.com for more great business advice.


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