No matter the industry or company size, all businesses must adhere to certain laws and regulations as part of operations. Regulatory compliance, in fact, deals with a set of guidelines that the law requires organizations to follow. It might involve, for example, observing rules set forth by the Occupational Safety and Health Administration (OSHA) to ensure a safe work environment for employees. Or it could mean following the guidelines of the Equal Employment Opportunity Commission (EEOC) to ensure discrimination-free hiring practices. Regulatory compliance also pertains to specific industries as well.

In this portion of your business plan, you will consider some of the following points:

(Louisiana Food Truck Business)

What are the employment laws?

• Explain the tax laws that apply for your business.
• Discuss whether you will need a business license.
• Share information on intellectual property.
• LLC or Incorporating? What is best for your company?
• Discuss the following:
  • Liquor/tobacco/beer/wine licensees
  • Food operators' licenses
  • Business insurance
• Who will handle payroll responsibilities?
• Do you need unemployment insurance?
• What are the fire code compliance regulations for your business?
• Develop some standard operating procedures for your business.