Licensing and Regulations

Identify what licensing and regulatory requirements impact your business and how you are addressing them

Regardless of the size of a business venture or industry, all companies should adhere to specific regulations and laws that they ought to follow. Regulation compliance is, therefore an important aspect that an organization should have in order to thrive in the market (Gehman, Lefsrud & Fast, 2017). In most cases, regulation compliance differs depending on the industry in which a business operates. Depending on the business type and the industry, an organization is said to have complied with regulations when it follows international, federal, and state regulations and laws.

Since the service that the legal firm aims to develop is a youth sport, there is a need to acquire a national youth license (Gehman et al., 2017). The license focuses on adjustments that coaches should make while training the youth and the nature of children. To acquire the license, trainers should undergo a course curriculum that entails field sessions, which are practical, and classroom training, which is theory. Apart from the license, the organization should obtain a permit from the State and federal government to be allowed to offer youth sports services in the region (Gehman et al., 2017).

The business will be impacted by different government regulations. The first regulation that will impact the business will be the tax code. In the United States, every limited liability company should pay federal taxes (Lencsis, 1997). For the organization to address the issue of the tax code, it should know the type of business tax that it is required to pay. The organization should be in a position to pay taxes because avoiding them may lead to potential jail time or hefty penalties that would adversely affect the business’s finances (Lencsis, 1997). The primary tax that the organization will have to pay is income tax, which will be filed annually.

Labor and employment law is another regulation that would most likely affect the business. Every business that has employees should follow state and federal laws that are enacted by the Department of Labor (Lencsis, 1997). The most common labor laws that will impact the organization include wages and hours, workplace safety and health, equal opportunity, employee benefits security, and unions.

For an organization to expand or attain more customers in the competitive market, it has to apply the most appropriate advertising techniques. However, there are government regulations that restrict organizations on the methods of advertisement that they use (Lencsis, 1997). The youth sports business would more likely be affected by advertisement regulations. For instance, the government prohibits advertisements that are purposely deceptive or untruthful. To address the challenge, the business will have to learn the specific rules that govern advertisements in the sports industry (Ahmed, n.d). The organization should understand the regulations on different platforms, such as email, phone, and the Internet, among others. The CAN-SPAM Act offers regulations on email marketing. The Act discourages businesses from the use of misleading or false headers and deceptive headlines in email marketing.

Since the youth sports business entails outdoor activities, the organization will be impacted by environmental regulations (Bean et al., 2018). At both state and federal levels, the government of the United States requires small and large organizations to protect the surrounding environment by making it eco-friendly, organic, and natural. Therefore, to ensure that it complies with environmental laws, the business should ensure that it does not destroy the natural resources in the environment (Bean et al., 2018). Secondly, it should ensure that it does not carry out activities that will pollute the environment in which it operates.

Another regulation that would most likely impact the organization pertains to privacy. Businesses are required by law to protect the sensitive and personal information of their employees, staff members, and customers (Ahmed, n.d). The US government offers regulations and rules pertaining to data security. Examples of sensitive information that the business should not disclose to third parties include personal history, bank numbers, credit cards, health conditions, address, and social security numbers, among others (Ahmed, n.d). Although sensitive information may be used by the business to enhance organizational operations, the law prohibits employers from sharing personal information without the owner’s consent.

Regulations on permits and licensing are critical to the business in various ways. First, no business is allowed to operate without a permit. Local and state governments in the United States have different requirements for different organizations. In heavily regulated sectors, such as health, childcare, and sports, companies are required to have licenses in order to operate or serve the community.

In youth sports activities, there is the possibility of injuries (Strandbu et al., 2019). Therefore, it is likely that the business will be impacted by insurance regulations. In the United States, compensation insurance is important, and it should be purchased by employers for their workers. All states in the US require employers to purchase compensation insurance apart from Texas. Therefore, it will be crucial for the business to purchase insurance for all relevant stakeholders. In case of an accident during sporting activities, the injured person will be in a position to get compensation and proper medical care (Strandbu et al., 2019). Overall, although regulations are generally considered a restrictive factor in the business realm, they impact organizations both positively and negatively. For instance, regulations support businesses since organizations are evenly treated therefore enhancing fairness in society. On the contrary, too many restrictions or rules may stifle businesses.

References

Ahmed, N. An Opportunity Structure for Entrepreneurship Growth: The Mediating and Moderating Role of Business Incubators and Government Regulations.

Bean, C., Kramers, S., Camiré, M., Fraser-Thomas, J., & Forneris, T. (2018). Development of an observational measure assessing program quality processes in youth sport. Cogent Social Sciences, 4(1), 1467304.

Gehman, J., Lefsrud, L. M., & Fast, S. (2017). Social license to operate: Legitimacy by another name? Canadian Public Administration, 60(2), 293-317.

Lencsis, P. M. (1997). Insurance regulation in the United States: An overview for business and government.

Strandbu, Å., Stefansen, K., Smette, I., & Sandvik, M. R. (2019). Young people’s experiences of parental involvement in youth sport. Sport, Education and Society, 24(1), 66-77.

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Question

Develop Written Legal Business Plan

Complete letter K only. The Business is in the reference file (Brainstorming file) and Entity type is in the reference file (entity file)

Licensing and Regulations

This document should be approximately 10 pages in length, double spaced, one-inch margins, excluding charts and exhibits. Please make sure all sources are properly cited using APA style. The document should cover the following legal aspects:

A. Law Firm number and group members
B. Capital structure (meaning, who contributes the equity and how much)
C. Management of the business, decision making, and operation of the business,
D. Sharing of profits/losses
E. Liability: What liabilities will the business and the owners have if they get sued? How and where would they defend any legal actions?
F. Duration
G. Transferability of interests
H. Taxation
I. Assess the level of competition and profit opportunities
J. Employment issues. Who is going to work the business? Does the business have employees or independent contractors? Is the company obligated to provide benefits? Does the company need an employment manual?
K. Licensing and regulations: Identify what licensing and regulatory requirements impact your business and how you are addressing them. (Answer this part only)
L. Contractual questions to consider: