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The importance of a regulatory compliance program

On Behalf of | Dec 15, 2017 | Business Law

Even smaller to mid-sized Nevada businesses need to concern themselves with what legal and business professionals call “regulatory compliance.”

The idea behind regulatory compliance is that there are a maze of federal, state, and local laws that most businesses in Henderson and the greater Las Vegas area must follow. These laws pertain to everything from how one compensates employees to the type of building one can build to the safety features one has in his or her workplace.

This maze gets only more complicated when a business wants to do transactions or establish a presence outside of Nevada or even within another city or county within the state. In such cases, the business must comply with multiple sets of laws from multiple jurisdictions.

Failure to follow these laws can land the business in to legal trouble with a regulatory authority, which can in turn mean consequences like fines and negative press for one’s business. In more serious cases, the end result can be the loss of one’s ability to do all or part of his or her business, which can in turn lead to financial hardship.

On the other hand, a business is not going to want to get bogged down trying to comply with regulations that do not apply to them or that simply are not as strict as those in the company think. After all, such practices cost time and money that could better be spent elsewhere.

Overall, even a growing business needs to think about regulatory compliance as part of its overall approach to business law. In this respect, it is generally a good idea to rely on the advice of an experienced Nevada business law attorney who can help business owners navigate through the requirements of those regulations and laws which those businesses must follow.

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