In order for a business to truly succeed, it needs to be able to minimize risks posed by non-compliance with strict government regulations. My personal experience in running a company has given me firsthand insight into what is needed to preempt such risks and to keep a business running smoothly, unhampered by government bureaucracy.
Taxation
Promoting business continuity by adhering to tax regulations
The Laws on Taxation that I studied in school leapt out of the pages as I managed the tax filings and business records required by the government. This included everything from bookkeeping, personally dealing with the relevant revenue offices, filing taxes at the national and the local government levels, application of tax knowledge in the calculation of income taxes (both of the business and the employees), to working with an independent auditor.
I personally observed tax laws in motion and learned how important it is to stay compliant, given how disruptive it can be for business operations when they are not strictly followed.
Business Regulations
Wading through the muddy waters of bureaucracy
At school, I studied how the state regulates business activities from courses such as the Law on Agencies, Trusts & Partnerships, and Corporation Law, but it was only when I set up a business that I learned from personal experience how these laws are put into practice.
I had to give a lot of thought over things that hitherto seemed simple, such as choosing the type of business entity to set up. This was before even coming up with an appropriate business name and going through the process of registering the business (including all the paperwork that it entailed) with all the concerned government offices.
The experience I gained by navigating through business regulations in a country that doesn't rank high in terms of ease of doing business challenged me to develop an ability to balance actual business operations with dealing with state authorities.
Legal Research
Sifting through obscure laws to come up with an effective strategy
In order to formulate an effective strategy when tackling a legal matter that affects the business, I apply my legal training in order to identify applicable laws and jurisprudence, which seemingly appears trivial until one has to sift through primary sources of law and secondary sources of legal information with varying degrees of authoritativeness.
The whole process can get overwhelming, especially when there are no official compendia covering a specific subject matter and when confusing (and, at times, contradicting) pieces of information are provided by bureaucrats.
Dealing with functionaries requires a good set of Interpersonal Skills, which I was able to develop throughout my career.
Want to know more?
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