Question

What types of organizational tasks might you have to perform in regards to legal principles and regulatory requirements?

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Answer 1

Businesses must comply with certain legal principles and regulatory requirements. Not following such requirements can attract serious penalties.
Tasks an organization might have to perform in regards to legal principles and regulatory requirements are as follows-

1. Registration of business structure including business name and keep them up to date.
2. Obtaining proper permits and licenses on federal level as well state level.
3. Forming board of directors and conducting annual meetings.
4. Keeping records of all business transactions for clear financial records and update them timely.
5. Financial reporting as per GAAP, FASB, GASB, CASB etc.
6. Ensuring that business meets employer obligations, labor practices and safety procedures.
7. Ensuring that organization meets federal and state tax obligations.
8. Safeguard clients’ privacy by adhering to state and national privacy laws.
9. Meet obligations related to Health, Safety and Environment.
10. Adhere to advertising, marketing, finance, intellectual property laws etc.