A small business is subject to the same laws and regulations as a mid-sized or large corporation. Even if your business is a start-up, you’ll still need to comply with certain business laws and regulations from the minute you open your doors for business. While it’s wise to enlist the help of an attorney to help you sort out the maze of legal requirements of running a business, the Small Business Administration provides some help in navigating business laws and regulations.
Let’s take a look at some of the major laws and regulations categories the SBA provides information on to help you in your day-to-day legal compliance.
Industry Regulations and Laws: Practically every industry has its own set of unique laws that govern company operations within its industry. This includes environmental regulations as dictated by the U.S. Environmental Protection Agency. It’s important to acquaint yourself with the specific laws and regulations of your industry.
Labor and Employment Laws: Regardless of whether you are contracting freelance workers or hiring your own employees, there are set employment and labor laws that must be complied with in screening, hiring, firing, and practically everything in between. There’s discrimination, workers’ compensation, harassment, wages, taxes, and a host of other labor law issues that you must follow as part of being a small business owner.
Advertising Laws: You’ve opened up a small business, so undoubtedly you have products or services to sell. The SBA warns that you must follow advertising laws when you do jump in the marketing pool. These include truth in advertising and product labeling laws.
Intellectual Property Laws: The Small Business Administration provides insight into compliance with the various intellectual property laws, which provide protection to copyrighted material, trademarks and patents.
Tax Laws: As a small business owner, you’ll have to answer financially to the Internal Revenue Services. Failure to properly pay your business taxes, could result in IRS penalties, fees, and the payment of back taxes.
Privacy Laws: Telling your customers how you’ll protect their confidential information from identity theft is another crucial area the SBA tackles in its privacy law coverage.
Today’s small-business owner needs to stay informed and updated regarding the laws and regulations surrounding his business, and the Small Business Administration is an excellent resource to provide assistance with this complex, and sometimes overwhelming task.