Your business is expected to comply with both federal and state regulations. A business law attorney in Texas can provide assistance to companies in Houston, Galveston Island, Montrose and surrounding areas to ensure that they are following the rules.
Companies need to get help with regulatory compliance because of the sheer number of rules they are subject to. Fox Business recently reported that the cost of federal regulations tops $1.88 trillion. This is just the tip of the iceberg for many companies. While Texas aims to be business-friendly, there are still myriad rules your organization has to follow and significant consequences for a failure to obey the law.
How are Federal Regulations Affecting Your Company?
The Competitive Enterprise Institute publishes an annual report to measure the impact of federal regulations on U.S. industries. The report determines the costs of compliance with federal rules, including both direct business expenditures and higher prices that are passed on to consumers. This year's report shows that the $1.88 trillion being spent on compliance exceeds borrowing, taxes and deficits.
The federal regulations that are considered as part of measuring economic impact include environmental regulations, economic regulations and regulations designed to protect safety and health. While those who pass laws may have good intentions, as the CEI Vice President points out, the government is full of bureaucrats who were not elected by the public and who never ran a business but who create regulations as if they are smarter than executives and smarter than markets.
The number of regulations continues to rise at an exponential pace, with more than 600,000 pages added to the federal register over the past six years. The regulations are not seen as part of the budget process because they are often passed by agencies that enforce laws, rather than by lawmakers. For example, for every law that is passed by the legislative branch, an average of 16 regulations are created to ensure compliance, interpret the law, and aid in enforcement. These regulations may not be publicized very well and lawmakers may not even know what types of regulations the laws they pass will lead to.
Small businesses tend to be hurt the most as a result of excessive federal regulations because most companies throughout the country cannot afford to hire lobbyists to help persuade politicians not to pass harmful edicts that will affect their industry. Small companies also can't necessarily afford to meet all of the costs of compliance (or even to hire experts to help them understand all of the costs). This can put smaller businesses on an uneven playing field where big businesses are able to get away with more and exempt themselves from some of the most onerous regulations with which smaller companies must comply.
Your business needs to understand how these regulations impact operations and needs to take steps to comply while limiting potential costs the regulations can impose on your organization. An experienced attorney can provide assistance with navigating the federal rules that you are subject to, including new regulations that are published every year.
Contact a business law attorney if you need help with your organization. Call Brewer & Prichard P.C. today at 800-445-8710 or visit https://www.bplaw.com to schedule a consultation. Serving Texas, the greater Houston metropolitan area, Galveston Island, Montrose and surrounding areas.