U.S. LEGAL& REGULATORY COMPLIANCE: AN OVERVIEW OF THE CHALLENGES AND BENEFITS FOR SMALL BUSINESSES
From LED neon signs to plastic poster displays, “Open for business” is among the grand opening taglines small business owners use to attract consumers. While this may be a popular display, staying in business should indirectly become the focus element thereafter. Given the numerous government regulations small businesses are required to follow, both challenges and opportunities may arise in terms of compliance. The complexity of laws regulating business activities and the direct costs of staying up-to-date with constant regulatory changes are among the challenges small business owners face. Non-compliance continues to also have adverse effects for small businesses that do not adhere to regulations, including monetary penalties and resources used to regain compliance and to remain open for business.
Every year, there are new regulations that directly apply to small businesses whether in obtaining a business license or paying local, state, and federal taxes. Consequently, small entities should seek to understand the regulatory laws and implement a solid mechanism for effective compliance management. In addressing the regulatory laws and implement a solid mechanism for effective compliance management. In addressing compliance problems, this study offers a practical approach to effective regulatory compliance management. Ultimately, the goal of compliance is not to drive away small businesses, rather to provide different opportunities in promoting safe business practices.
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