Compliance
In its business sense, “compliance” refers to a company meeting its legal obligations, often to protect the health, safety and welfare of others. Simple examples of compliance include obtaining a business license in your town and paying your taxes. The importance of compliance is more evident as issues become more complex when your business grows. You will have expanded responsibilities regarding your workers, covering hiring, firing, discrimination, harassment, safety, wages, payroll and benefits. The way you make and sell your product and service might fall under the auspices of a government agency, such as a restaurant needing to meet health department guidelines.