MANAGEMENT

Detailed explanation-1: -Federal regulations can also make it harder for small business owners because they have less capital available for costs like building permits and licensing fees, resulting in lost productivity and fewer startups.

Detailed explanation-2: -How do local, state, and federal government regulations affect the small business owner? They all affect the small business because if they aren’t complied with everything can be shut down. 7. Why is it important for the small business owner to keep accurate records?

Detailed explanation-3: -Tip. The government regulates the activities of businesses in five core areas: advertising, labor, environmental impact, privacy and health and safety.

Detailed explanation-4: -Protects your company Failing to adhere to regulatory compliance requirements can open you up to risks beyond just fines. For example, security regulations exist to help protect against data breach, financial regulations are there to protect against fraud, and safety regulations are designed to keep workers safe.