You can register online with HM Revenue and Customs (HMRC). fair and minimal wages regulations (welfare, etc.). minimum contract requirements and mandatory contract elements. On the other hand, consumer law in itself makes a business for some private watchdog companies. Securities law manages what a company should do in order to offer their investment to the public. retirement laws, retirement plans and mandatory insurance. How Employment Lawyers aren’t as Bad as You Think? Some of the laws affecting businesses are the Weight and Measure Act, Trade Description Act, Consumer Credit Act, and the Sale of Goods Act. A., Robinson, R. B., & Subramanian, R. (2000). When something like noise pollution may pose tremendous fines on business in one country, it may not be so critical in another country. privacy and data security laws (cyber fraud protection, impersonation protection, etc.). This differs depending on how your company is structured.Sole traders – You must register with HMRC within three months of becoming self-employed – even if self-employed on a part-time basis or in addition to being employed with another company. PESTLEanalysis.com is an educational website collecting all the information and resources related not only to PESTLE but also SWOT, STEEPLE and other analysis that will come useful to business owners, entrepreneur, and students alike. In this edition, we’ll be covering the last of the six categories — Legal Factors! Wyoming, for example, has no corporate or individual income tax. mandatory health and social insurance requirements. They have also allegedly stolen designs from merchants on Etsy. Our website is made possible by displaying online advertisements to our visitors. Legal factors connected to tax and customs regulations, Laws and regulations connected to employees protection, Legal factors involving consumer protection legislations, Social and cultural factors affecting business, To steal or not to steal: Firm attributes, legal environment, and valuation, https://ceopedia.org/index.php?title=Legal_factors_affecting_business&oldid=57615. How Legal Factors Affect Businesses? A business in the USA needs much more financial resources to pay its employees than a business in South Africa. For instance, if you decide to offer promissory notes, this will be subject to state and federal regulations and security laws. They play a big part in deciding how businesses operate and what profits they receive, as well as how customers behave. This means that they have to be very careful with where they take future designs from. As you can see, this law also can affect your business. Securities law manages what a company should do in order to offer their investment to the public. Let’s look at how a couple of these might affect businesses in more depth: Consumer law — consumer law (alternatively known as consumer protection) is designed to protect consumers from fraudulent companies or practices, and preserve their rights in the marketplace. Thomas Bush is an English-born writer, entrepreneur, and fitness enthusiast. Let’s take employment law. That is why any business should have a clear understanding of the legal environment in which it has to function because these factors may determine its success or failure. This page was last edited on 1 December 2019, at 18:18. Security is a financial instrument designed to raise money for business from investors. Florida has no individual income tax. Legal factors are external factors which refer to how the law affects the way businesses operate and customers behave. trade policy regulating trade in particular region (trading quotas, restrictions). health care laws and mandatory health care insurance. “How does this affect businesses though?”, you might ask. Copyright © 2020 ConsumerLawMagazine, All rights Reserved. individual income tax, corporate income tax.

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