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The technologically enhanced world beckons many entrepreneurs into the business network. With good insight, in-depth understanding of the products and business ethics, what starts as a small business entrepreneurial venture may go on to become a large corporate establishment. However, as an owner of a business enterprise whether it’s a small and medium enterprise or a limited liability company, one needs to understand the legal aspects and compliance thereof in running a business.

Irrespective of the region or locality where the business entity formation takes place, owners must comply with the regulations prevalent as per the government of that region where one conducts a business operation.  In case of formation of a limited liability company, non-compliance with the governmental obligations or in maintaining the limited liability protections arouses legal consequences.

Globalization has opened markets for business expansion to regions beyond geographical boundaries. However, this also brings with it the requirement of these Corporates to maintain compliances with the government regulations and taxation laws in all the regions of operation. This complex regulatory environment also brings with it a broad range of management issues. A number of legal service enterprises have forayed into providing corporate compliance services for a strong management.   Corporate compliance is system used by these business entities to identify and prevent violations of law by the communities, employees, investors, and directors of financial establishments and provide a better management philosophy.

Managed by a team of highly experienced professionals, the corporate compliance services looks into forensic accounting, taxation and financial regulations in a systematic manner. This helps the corporate to be free from non-compliances. A penalty for non-compliance works out as imprisonment, tax payback with interests or fines, restitution, sanctions, forfeiting of movable and immovable property of the corporate and probation.

Further, depending on the type of Business entity formed, the rules and governmental regulations regarding taxation, ownership and liabilities are different. The business entity formation can either be Sole Proprietorships, Partnerships, a Limited Liability Company or a Corporation. As with the type of entities that can be formed, distinct tax and business advantages also exist. The sole proprietorship are disregarded for tax purposes as all profit and losses are accrued to the owner. In case of a Limited Liability Company (LLC), the business liability allows one to conduct business without worrying over immovable and movable property. The tax S Corp tax planning services are also different.

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