What are the Different Types of Liabilities for Entrepreneurs?

What are the Different Types of Liabilities for Entrepreneurs?

Another important point to be carefully considered by entrepreneurs is certain legal liabilities of the business that they will establish. A business must be accountable to:

1) employees

2) customers

3) shareholders

4) competitors

5) environment

6) society and state  

> Liabilities of business towards employees: Standard for Social Accountability SA8000 must be applied to business office to be opened. In the light of these standards, work safety must be comprehensively provided, required precautions for workers’ health must be taken, merit system principles must be followed, employees’ private lives must be respected and required improvements must be fulfilled to be make sure that employees are pleased to work at their jobs.

> Liabilities of business towards customers: To practice standards such as ISO 9000, ISO 14000, HACCP by types of product or service is an important step to keep customers healthy and to ensure customer satisfaction. Entrepreneurs’ liabilities towards customers are as follows: customer satisfaction, product safety and quality, not to be deceptive at carrying out guarantee period and terms, to avoid misleading packing.

> Liabilities of business towards shareholders: According to business type and binding agreement, company management has duties to account when required, to give information and to share out of profit by share proportion.

> Liabilities of business towards competitors: According to Turkish Code of Commerce submitted in 2011, companies are not allowed to do things that would cause unfair competition. Otherwise, different liabilities under the same laws would arise.

> Liabilities of business towards environment: Organizations may fulfill their liabilities to environment by following ISO 14001 Environmental Management System. Some of their liabilities are as follows: not to harm creatures and nature; not to cause to environmental pollution; and not to harm natural resources.   

> Liabilities of business towards society and state: Entrepreneurs must consider certain social liabilities as they start a business. For instance, they must be sensitive to gender discrimination in their organizations. They must be sensitive to issues regarding society and they must contribute to solve these issues. They must support art and cultural activities. Above all, they must follow laws and legislation of the state as well as they must pay their taxes regularly.

 

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