Voluntary Compliance
Voluntary Compliance in the startup context refers to willingly adhering to legal, regulatory, and financial reporting requirements without external enforcement.
Benefits
Voluntary compliance demonstrates a commitment to legal requirements without external pressure.
Frequently Asked Questions
What is voluntary compliance vs mandatory compliance?
Voluntary compliance means following regulations willingly, while mandatory compliance is required by law.
What is a voluntary compliance standard?
A voluntary compliance standard is a guideline or practice that organizations choose to follow, even though it is not legally required.
Is liquidation voluntary or involuntary?
Liquidation can be voluntary, started by the company, or involuntary, started by creditors or through a court order.
Key Takeaway
Voluntary compliance shows a commitment to legal requirements without external enforcement.