Businesses in the United States are directed by government regulation although they can set their own set of styles, procedure, models and type of growth. There are a variety of laws that handle businesses which may affect the latter in some ways and can define illegality or misconduct over setting the financial status and operational codes for a certain business to follow. Business laws are then divided into several primary groups which have to do with the type or the aspect of what business they affect.
Regulatory laws are standards that go with the operation of businesses in different situations. Most business laws are regulatory although there are several categories of legislation that apply more to growing and competitive industries than others. The environmental laws and building code laws for example, are formulated by state governments and the federal government as well. Moreover, there are also certain regulatory laws that must be applied for international trade and the procedures complied for business licensing.
Labor laws are regulations that have much to do with the workers or the employees. It pertains straightly to how business sources treat their employees who are responsible for the production and circulation of growth. These laws are what we can classify to minimum wage regulations, wage garnishment rules and worker protection rules. An example of this is the Migrant and Seasonal Agricultural Worker Protection Act. The older laws just like the Child Labor Protection Acts and Occupational Safety and Health rules are also among these so-called Labor laws. The approval and implementation of many other insurance and benefit programs for employees are still ongoing and developing.
It is mandatory to have an updated report of a business’ financial status to the government. That’s what makes Tax laws essential to businesses. There are various methods that businesses can use when reporting its income and expenses. Say for example, the accrual method of accounting is applied for businesses over a certain size. On the other hand, the depreciation schedules can also be chosen from a limited number of choices. Additional methods can have their own set of regulations.
There should be a law that reports the up to date finances to investors and the government. That is what we call the Reporting laws. These laws are done for transparency purposes and also to set standards, incorporating the business or businesses. Reporting laws are likely same with the function of tax laws, only that it is more concerned over possible emergence of fraud and misconduct which are cases that should be avoided at firsthand.