Nov 09,2018 | 10 min read

The 6 Most Commonly Missed Corporate Compliances

Corporate compliances define the legitimacy of an organization in eyes of the government and of investors. Yet quite often, whether due to ignorance or deliberate cost saving, businesses ignore these company compliances, leading to loss of certifications such as ISO, followed by a rapid decline in brand image.

A majority of corporate compliances need to be revisited yearly to ensure workplace safety, employee mental wellbeing and accurate determination of environmental factors. There should be no doubt in your mind, legal compliance of corporate law is crucial to successful, smooth flowing operation.

Here is a list of the 6 most commonly ignored corporate compliances.

  1. Technology
    Company wide overhauls of existing technology isn’t possible on a yearly basis, and luckily it isn’t needed! While corporate law does define compliance of tech, it is one that changes infrequently. By opting for the latest systems during time of implementation, you can ensure an average 3-5 years of hassle free, legally compliant work.
  2. Market Research
    Vendor selections are also closely monitored under corporate compliance. Inaccurate or hastily done vendor selections can result in poor quality supplies, and for organizations that provide products and services to the masses, this could pose serious public health risks that leave you completely liable for restitution!
  3. Risk Assessment
    Risk assessment isn’t restricted solely to organizational efficiency, it is also mandated by corporate law. The most commonly made mistake in this process is carrying out isolated risk assessment for individual departments, as opposed to risk assessment for the entire organization as a whole.
  4. Employer Identification Number (EIN)
    Startups and small businesses often miss this corporate compliance entirely! As an employer, you are required to apply for a unique, government issued Employer Identification Number (EIN) as a part of business registration. This number is also required as per corporate tax law.
  5. Government Permits
    Keeping public wellbeing in mind, the government offers permits for a diverse range of activities. Nearly every organizational function required permits and licenses in one form or another, from construction to food manufacturing, field surveys to loan disbursements and everything in between. In this section, the most frequently ignored legal compliance is of environmental risk factors.
  6. Infringements
    Intellectual property rights play a huge role in the use of digital resources. But as intellectual property is still a new or foreign concept in most nations, businesses tend to take copyright and trademark infringements lightly. However, a single such reported case can do massive harm to your reputation, not to mention, drag your company through lengthy legal proceedings!

Head over to Lawyered for a review of your corporate compliances by the best corporate attorneys in India!

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