It is also important to remember that these legal factors (and political factors) will vary from country to country, state to state, and even city to city. The General Data Protection Regulation (GDPR), which came into force in 2018, places new legal requirements on how businesses acquire, use and store the personal information of customers, contractors and suppliers, and employees – both past and present. For example, the legal requirements that affect a petrochemical company may be very different to those a taxi service must comply with. We hope you have found it to be a valuable resource, and we look forward to your comments. The Information Commissioner’s Office has a guide to GDPR regulations. Terms and conditions apply. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. You must submit annual business accounts to Companies House. //--> There are, however, legal issues common to most businesses. Legal issues range from consumer law through to financial services regulations and rules governing weights and measures. Get to grips with understanding GDPR and follow our GDPR compliance checklist to ensure your business is taking steps to being GDPR compliant. UK law applies to all aspects of running a business, and each company will face specific legal rules for their business and industry. under the Antitrust laws of America) to prevent organizations having an unhealthy control of a market or obtaining it through acquisition. There are also the trading restrictions, quotas, and excise duties to consider. If you have staff or draw a salary as director, you must register for Pay As You Earn (PAYE) and submit a payroll report to HMRC each month detailing salaries, as well as income tax and NI owed by both the employee and the business. Examples of this type of legislation include: The 2002 US federal law, Sarbanes-Oxley Act. This differs depending on how your company is structured. For example, the legal requirements that affect a petrochemical company may be very different to those a taxi service must comply with.There are, however, legal issues common to most businesses. Today, Jimmy spends his time advising and consulting with entrepreneurs on matters related to business planning, as well as capital markets and funding strategies. Key regulations include the Food Standards Act 1999 governing food businesses in the UK. The individual states do not collect taxes. There are two key legal factors affecting business that affect selling goods and services to the public: Sale of Goods Act – This governs how you describe and sell goods and services, ensuring they’re of satisfactory quality and fit for purpose. 6th Aug 2019 Commercial Law Reference this Tags: Malaysian law.