As defined in this report, a government corporation is a government agency that is established by Congress to provide a market-oriented public service and to produce revenues that meet or approximate its expenditures. By this definition, currently there are 17 government corporations.

Regulations. Regulations are issued by U.S. Federal government Departments and Agencies to interpret and implement laws passed by Congress. When Congress passes a law directing an agency to perform an action, the Department may issue a regulation further interpreting the language in the law.

The federal bureaucracy makes regulations (the rules by which federal and state programs operate) through an administrative process known as rule making. Regulations can be challenged in court, and they are not put into effect until the legal issues are resolved.

The process by which a law or policy is put into operation. The loose and informal relationships that exist among a large number of actors who work in broad policy areas. Interagency councils. Working groups created to facilitate coordination of policy making and implementation across a host of governmental agencies.

These core regulatory components—regulator, target, command, and consequences—affect the incentives and flexibility that a regulation provides. Regulated businesses will have maximal flexibility when the regulator is the industry itself.

Six Benefits of Written Standard Operating Procedures (SOPs)

• Reduce employee training time. Training-related SOPs help standardize orientation and training.
• Maintain consistency across your brand.
• Reduce errors and enhance productivity.
• Meet legal requirements.
• Establish a chain of command.
• Transfer work easily.

An effective regulatory system does the following: Uses underlying principles of regulation and enforcement that are consistent for similar transactions and activities. Hires regulators with requisite experience and in-depth knowledge of capital markets and the roles and activities of market participants.

Regulation consists of requirements the government imposes on private firms and individuals to achieve government’s purposes. These include better and cheaper services and goods, protection of existing firms from “unfair” (and fair) competition, cleaner water and air, and safer workplaces and products.

Failure to comply with these requirements can have serious consequences – for both organisations and individuals. Sanctions include fines, imprisonment and disqualification.

Regulatory compliance is an organization’s adherence to laws, regulations, guidelines and specifications relevant to its business processes. Violations of regulatory compliance often result in legal punishment, including federal fines.

Non-compliance with WHS means that a company is not following the guidelines, rules, and regulations set out by the Work Safety & Health Act.

Addressing Non-compliance

1. taking all allegations seriously;
2. investigating allegations efficiently and in a timely manner;
3. assessing the facts objectively and impartially; and.
4. taking adequate corrective measures and sanctions, in case an allegation is substantiated.

It is entirely legal to operate as a sole proprietorship without registering your company. Keep in mind, however, that doing so does not provide you with any form of legal protection if you experience debt or face legal action.

What Are the Legal Requirements for Starting a Business?

• Create a LLC or Corporation.
• Register Your Business Name.
• Apply for a Federal Tax ID Number.
• Determine If You Need a State Tax ID Number.
• Obtain Business Permits and Licenses.
• Protect Your Business with Insurance.
• Open a Business Bank Account.
• Consult the Professionals.