Examining Legal Difficulties and Potential Benefits of Social Businesses

Abstract

Objective: A compelling combination of profit-driven corporations with socially impactful efforts, the concept of social businesses has arisen in recent years. Both the legal hurdles that social enterprises must overcome and the intriguing opportunities they present are explored in this in-depth analysis. The research elucidates the complex nature of social businesses by highlighting the importance of this hybrid model (HM) in tackling urgent societal concerns. Sustainable development and inclusive growth are two goals that social firms can help achieve by exploring the nexus of profit-making and social responsibility. Further, obstacles to their smooth functioning and expansion are uncovered through an in-depth examination of the difficulties they confront, especially in the legal sphere.
 
 Method: The present research proposes a dynamic legal collaborative framework (DLCF) for adaptive compliance, which would involve the creation of flexible legal frameworks to balance competing economic and social goals. Using this innovative strategy, social enterprises may ensure their continued financial health while achieving the positive social impact they set out to achieve. The proposed method also emphasizes the significance of cooperation between lawyers, business people, and policymakers in creating a hospitable legal framework.
 
 Result: Healthcare, education, environmental protection, and poverty reduction represent few of the areas that could benefit from the results of this research. For further evaluation of the proposed method's viability in addressing legal hurdles and maximizing social benefit, a simulation analysis is carried out. Using hypothetical situations, researchers can examine the advantages and disadvantages of various legal approaches and make more informed decisions.
 
 Conclusion: This research highlights the significance of cooperation between legal, entrepreneurial, and regulatory parties in creating the future of socially responsible business.