Why is regulatory compliance important for my business?
The area in and around American Fork is growing rapidly, and that will mean more small and mid-sized businesses starting up in the greater Provo area. This part of Utah is in the midst of a wonderful opportunity for both established residents and newcomers to enjoy the fruits of a prosperous economy.
Filing the necessary paperwork, forming a board for an LLC or corporation, signing a partnership agreement or taking other initial steps are really just the tip of the iceberg when it comes to legal matters affecting of smaller or mid-sized businesses.
Utah businesses are subject to a maze of laws, regulations, and other standards which they must follow. These laws come from the federal government as well as the State of Utah and even local governments.
If aspiring business owners do not put enough time and effort into navigating these laws, it can mean trouble with regulatory agencies or legal liability in a court case. In a worst case scenario, failing to have a plan to meet these requirements can make a shipwreck out a promising business opportunity or even and established mid-sized firm.
Some regulations are industry specific
Most businesses will have to take pre-planned and concrete steps to comply with employment laws, laws about taxation, data security and privacy and workplace safety.
However, many other businesses are subject to industry-specific standards. For example, someone working as a financial advisor, escrow company or insurance agent may have to follow additional rules specially designed for their lines of business.
To give another example that might be familiar to Utah residents, restaurants and those and food service have to follow strict guidelines from health officials.
The bottom line is that just about any business will have to make sure that they are following all laws that apply to them and must do so on an ongoing basis. In order to do so, they may need the ongoing assistance of an experienced business attorney.