Every entrepreneur is expected to fulfil all its statutory and legal responsibilities. This is the duty of each entrepreneur. He must pay license fees, taxes, social security contributions, minimum were; interest on loans, dividends, etc. well in time. Moreover any recent changes in the laws must be taken care of. Enterprise comes under many laws like, Factories . Act, Minimum Wages Act. Payment of Wages Act etc. Fulfilment of legal aspects is the legal as well as moral duty. Violation of laws leads to punishment or fine. This leads to loss of goodwill, affects faith of shareholders and also results in loss of money, time and energy.
