How are the legal activities in your country affecting your business?

Every business is surrounded by many laws and regulations which the company has to follow in order to satisfy countries code of conduct. These types of regulations place limitations on the company’s products & services and also disable their operational activities if the regulations/ constraints are illegal and define misconduct of activities. There are various legal activities/constraints that government imposes on every business and these activities both negative and positive impacts on the functioning of the company. No matter the business likes or dislikes the legal laws but he has to follow the legal activities in order to run his business.

Here are various legal activities/laws which affect the business:

Labour laws
Every business has to follow certain labour laws set by the government like minimum wage rate regulation, workers protection rules, child labour protect act and health rules. and cannot afford to go against these laws.

Tax laws
Tax laws represent the way in which the company/business has to report its financial statement to the government. The businessman has to follow each and every aspect of tax laws like choosing the correct accounting method and fulfilling the demand of that method otherwise the business may lose its coordination with government and becomes unable to continue its business.

Reporting laws
Reporting laws include those activities which control the reporting of the business finance to various investors and government. These laws help in preventing fraud and miscount by providing transparency of activities.

Regulatory laws
The regulatory laws refer to various legal activities concerned with environmental laws, building code laws, operational laws, and international trade laws. The businessman has to operate its activities in accordance with the regulatory laws.

Consumer protection laws
These include certain rules and regulations which all the businesses have to follow before advertising its products & services and setting up the price for the same in order to ensure the government that the business is not misleading their customers.

From the above-written activities it is clearly visible that legal activities provide a positive impact on business because it forces the businesses to be within the limits but on another side, it also has some negative impacts when it comes to the political side.