Question

Make a list of 10 forms of legislation or regulation that could have an impact on risk and that you might have to outline when communicating with employees. Please explain your answer.

Answer 1

All government regulations on business require companies to comply with federal, state, and local statues and regulations administered by legislative bodies and carried out by regulatory agencies. Some regulations impact the ways in which businesses report income and pay taxes; others regulate how they dispose of their excess materials or waste.

The major forms of legislation or regulation that could impact include:

1. The Federal Tax Code

2. Employment and Labor Laws

3. Truth in Advertising

4. Email Marketing

5. Environmental Regulations

6. Licensing and Permits

7. Insurance

8. Pay Data

9. Collecting Sales Tax

10. Working With Independent Contractors

11. Privacy

The Federal Tax Code

Whenever there is any change in the tax codes or local tax laws has any changes there need to be immediately communicated to the employees

Employment and Labor Laws

Labour laws have been formed to safeguard the employees and to protect them from being exploited hence these need to be clearly outlined while communicating

Truth in Advertising

A good advertising strategy can do wonders for your business. But before you dive in, you’ll need to make sure that you’re playing by the rules and government regulations. employees need to be clearly indicated about the guidelines in which the advertisement needs to be desined and should communicate properly.

Email Marketing

Closely related to advertising is email marketing. If your business engages in email marketing, there are separate regulations you’ll need to comply with. so one clearly needs to abide by these rules and clearly communicate them to follow the same.

Environmental Regulations

there might need to follow with various environmental protection laws, depending on your industry or business. This is especially pertinent if you’re marketing. You’ll find dozens of environmental rules and regulations that might affect your small business, both at the federal and state level. these rules need to be clearly communicated to abide to them and follow the same.

Licensing and Permits

Many state and local governments have their own requirements for businesses. it's common for small-business owners to learn about local and state licenses and permits. You cannot neglect them all but what you can do is to communicate them seriouly to the employees such that they abide to follow them and learn them to the extent possible. Make sure they understand that certain businesses must have the appropriate state-issued professional license to operate.

Insurance

As soon as you hire your first employee, you’re legally obligated to purchase workers compensation insurance. Workers comp insurance protects both you and your employee in the case of an accident on the job. this needs to be understood and spread among the employees. The employee will receive medical care and compensation for some of the income they lose while injured, while the insurance company will defray the costs of any lawsuit filed by the injured worker.

Pay Data

every employee must make understand his employees their pay data so as to avoid unnecessarry discriminations and payout issues in future.

Working With Independent Contractors

employers must Make sure that they understand the difference between an employee an independent contractor and identify people properly. they must be well aware of what the two terms mean.

Collecting Sales Tax

Most businesses that sell physical goods must collect sales tax from customers and submit the tax to their state’s revenue department. law specifies that a business must collect sales tax in any state with which it has a physical connection. employees related to taxation affairs must be communicated with the updated tax laws prevailing in the industry so as to correctly and appropriately collect the taxes from payers.

Privacy

Businesses with staff and employees wind up amassing a ton of sensitive personal information about their employees. As a result, there are a variety of rules and regulations about how employers must save and secure this data. proper care needs to be taken care to keep up the privacy of the employees.