The professional body for accountants ACCA (the Association of Chartered Certified Accountants) is asking whether businesses and policymakers are compromising the performance of small business in a new report issued today, called 'Building the legal framework to help business succeed'.
Whether through over-familiarity or lack of awareness, there’s a risk a key ingredient in the formula for success is being overlooked – the legal form through which businesses operate.
The report calls on government to put legal structures in place, so that all businesses can thrive and benefit from the support mechanisms available. It explores the following four key elements entrepreneurs and policymakers must consider:
Jason Piper, ACCA’s head of business law, says:
‘Small businesses are the lifeblood of society, creating and sharing wealth at a local level. It is vital the health and sustainability of all that the right legal frameworks exist to enable every business to flourish. Building trust and managing risk are key elements in enforcing a secure environment for entrepreneurs, investors and customers alike.
‘Lawmakers must ensure the legal forms available reflect the needs of a modern economy. The roots of existing forms can be traced back hundreds of years, and while the concepts of trust and economic growth haven’t changed, the way we do it has changed beyond all recognition, and the pace of that change is accelerating. Having the right businesses operating helps governments in two ways: by deepening the pool of talent for procurement purposes and by providing social support and social benefits that the state might otherwise have to fund directly.
‘It is vital that government can encourage, protect and regulate effectively the talents as well as resources needed by businesses.’
The report can be found on ACCA’s website: https://www.accaglobal.com/gb/en/professional-insights/global-profession/Business-Forms-Building-the-legal-framework.html
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ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
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