Question

Do you think that knowing and complying with the law could be a great asset for businesses? If yes, why?

Answer 1

Yes, knowing and complying with the law is an great asset for every business due to following reasons.

1 it minimise the govt intervention into day to day business, i.e if regualr in payment of taxes, filling of returns, proper maintenance of books, then there will be no ambiguity to the taxation/govt department for any concealment or forgery, which leads to no/less intervention into day to day affairs of company.

2 proper internal control can be maintained and there will be less chances of forgery.

3 clean operations of the company also contributes for building investor and consumer confidence.

4 less no of casses/ disputes against the company improves the rating of company which simultaneously improves the market confidence.

5 complying the law means less disputes, which will attract the quality customers towards the company.

6 possibility of financial and reputation loss minimise with compliances.

Hence, the chain of success of any business is lies on complying with law of land. The companies which doesn't follow the same, dies with disputes, heavy penalty for non compliance etc. All such non complianc ultimately hamper the regular business and put the business into reputation and financial loss which effect any brand value to the maximum.