Cost of Breaking Conventions in Business - Essay Example

In the business world, there are those conventional practices that require to be followed by anyone in the business field. For instance, there is a requirement by the local authorities to acquire a valid license for the business. If the business is found to be operating without a valid license or a license at all, it can be closed down, and heavy fines can be applied to the business owners.  The second example is when a business is not properly filing its tax report. It, therefore, is not remitting the required tax to the authorities.

In such cases, the business dares to face stern punishment by the authorities some of which might lead to its closure or heavy fines be applied to the entity.   The business profession also requires transparency, trust, and accountability. Some people involved in fraud while conducting business. Such business owners risk facing a jail term in prison and heavy fines to be applied to them. One can also find some businessmen involved in smuggling illegal goods in their legal business entities.

Such is also considered criminal offenses, hence risk being prosecuted in a court of law.