Regulatory Practices
Instituted By
Governments
Group members:
Daniel Wright
Sashelle Swaby
Da'Ville Reynolds
Principles of Business Group Project:
Identify regulatory practices instituted by
governments for the establishment and conduct of
different types of businesses.
What are
Regulatory
Practices?
Regulatory practices can be defined as
rules and laws persons must act in
accordance with when establishing
and conducting the business
The Importance
of regulatory
practices:
Consistency in the implementation of
good regulatory practices, as well as
adaptation to the current challenges,
result in high ethical and scientific
standards. This will ultimately have a
positive impact on public health at the
global level.
"Examples of
Regulatory
Practices
Include:"
Safety and
Health
The Safety and Health Act of 1970
ensures that employers provide
safe and sanitary work
environments through frequent
inspections and a grading scale. A
company must meet specific
standards in order to stay in
business. This regulation has
changed frequently throughout the
years alongside the changing
sanitary and workplace standards.
In accordance with the 1970 act,
employers must provide hazardfree workplaces, avoiding employee
physical harm and death, through a
number of procedures.
License
Persons who are engaged in trades,
such as electricians and plumbers,
must be licensed. Some are
required to sit and pass
examinations which qualify them to
receive their licences and practise
unsupervised.
Data Security
and Privacy
Protection
Sensitive information is usually collected from employees and
customers during hiring and business transactions, and
privacy laws prevent businesses from disclosing this
information freely. Information collected can include social
security number, address, name, health conditions, credit
card and bank numbers and personal history. Not only do
various laws exist to keep businesses from spreading this
information, but people can sue companies for disclosing
sensitive information.
The Federal Trade Commission monitors business practices
and charges or fines companies that violate the privacy
promises they made to consumers. For example, when a
company promises not to use their information in ways other
than what is stated, or shares their private information
without consent, or monitors customers' online, mobile
and/or television habits without informing them in advance,
the FTC charges them publicly with such offenses, levies hefty
fines and forces the business to change their unethical
practices.
Environment
al Impact of
Businesses
The carbon footprint and the effect of
businesses on the environment is
regulated by the Environmental
Protection Agency alongside state
agencies. The EPA enforces
environmental laws passed by the
federal government through
educational resources, frequent
inspections and local agency
accountability.
The Environmental Compliance
Assistance Guide exists to help
businesses, small and large alike,
achieve environmental compliance, and
serves as an educational resource
more than an enforcer.
Required
to register
Private and public limited
companies are required to
register with the Registrar of
Companies and to present the
documents required.
Included is the very important
document, articles of
incorporation, which has replaced
the memorandum of association
and the articles of association. A
private company may be formed
with one person, or may have up
to 50.
Regulations regarding
a Sole Trader
As far as the sole trader is concerned, there are
very few regulations in the setting up of a business.
In fact, many sole- trader type businesses do not
have any requirements to satisfy at all. A few might
be required to have permits or licences in order to
operate businesses.
Required
to register
Private and public limited
companies are required to
register with the Registrar of
Companies and to present the
documents required.
Included is the very important
document, articles of
incorporation, which has replaced
the memorandum of association
and the articles of association. A
private company may be formed
with one person, or may have up
to 50.
The partnerships should have a minimum of
two partners and a maximum of 20. In setting
up a partnership, a partnership deed, or Deed
of Partnership, should be drawn up. This
document includes the name of the business,
names and other occupations of the partners,
and statements as to how profits and losses
will be shared. The document may be drawn
up by a lawyer, but it is not madatory. The
Deed of Partnership should be taken to the
Companies Office of Jamaica, who will give
permission for them to operate the partnership
if everything is in order. If a partnership is set
up and there is not Partnership Deed, then the
partners will make reference to the British
Partnership Act 1809 which indicates that all
profits and losses should be shared equally.
The Deed of
Partnership
Cooperatives Should Register
With the registrar of Co-operative Societies. They are required to pay a
small fee. They should operate the co-operative based on the five cooperative principles.
Businesses on a whole must endeavor to do their part in upholding the
monetary and fiscal policies of the government of the day. They should
also work closely with the government protection agencies such as the
Bureau of Standards, the Consumer Affairs Commission and the
ombudsman.
"End of
Presentation"
On the regulatory practices
of Governments