What is local trade license?
Could you elaborate on the concept of a local trade license? Is it a mandatory requirement for businesses operating within a specific region or jurisdiction? How does the acquisition process typically work, and what kind of information or documentation is typically required? Are there any penalties for failing to obtain a local trade license, and how does the licensing authority ensure compliance among businesses? Additionally, is there any variability in the requirements or scope of local trade licenses across different regions or industries?