Mayhall Fondren Blaize

Compliance with business law regulations a necessity for startups

Small business formation in Louisiana and elsewhere involves compliance with a body of federal and state regulations in almost any industry. Some experts complain that regulatory compliance is a crushing force on a young business and that many of them go under for that reason. Various supportive organizations recommend that a new business follow certain business law compliance guidelines to maximize the business' survival rate in its industry.

One of the first things to do is contact the U.S. Small Business Administration. This agency is dedicated to helping small businesses survive and will give the business valuable guidance and training in becoming compliant. The company should appoint a compliance officer or point man to be responsible for regulatory compliance so that oversights and buck-passing are minimized.

Regular information on regulatory compliance can be received by subscribing to legal newsletters, agency publications, business association articles and the like. Having a variety of them coming in will give the company a balanced approach on compliance issues. Obtain the services of an established business law attorney that has both business formation and business litigation experience. Such a well-rounded firm will guide the business through the maze under any circumstances that may arise.

In addition, wherever there is a standard-procedure compliance process that does not require personal attention, automate it. Save time, resources and expenses whenever feasible. Take advantage of the solutions that software can provide to keep the business procedures streamlined. View this as a process of education and realize that the more education the corporate culture internalizes the more efficient it will be in facing compliance responsibilities. In Louisiana and elsewhere, taking this aggressive approach to regulatory compliance will help the business in keeping up with its responsibilities and it will contribute to preventing the occurrence of a costly business law violation that can hurt the business.

Source: youngupstarts.com, "5 Tips For Product Startups Wrestling With State & Federal Regulations", Feb. 23, 2018

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