Small business owners act as the “chief, cook, and bottle washer” for their organizations. Though their expertise or skill in a specific area may have inspired their entrepreneurship, subsequent to that action they become the person who has – or is supposed to have – all of the answers, including on the regulations that apply to their operation.
Small business owners must comply with federal regulations, as well as with whatever state and local regulations apply to them. Unfortunately, the information about these regulations is not as easily accessible as it should be. As a result, company executives often don’t find out about them until they receive violation notices. Though it would be impossible to assemble all of the regulations that apply to your particular situation, below you will find a summary of the types of rules you should familiarize yourself with.
- Business Taxes – Business owners need to know more than how much they owe the government. They also need to know when their taxes need to be submitted, how their business structure impacts the payments that they make, and what their responsibilities are regarding their employees.
- Labor Laws – In addition to addressing their employees’ tax needs, small business owners need to be aware of federal labor laws regarding how they treat their workers. This includes minimum wage and overtime rules, occupational safety rules, anti-discrimination and harassment rules, and the requirements regarding benefits and medical leave. You are also required to maintain your employees’ privacy and not disclose their personal information.
- Antitrust regulations – Though you may think that your small business is too inconsequential to need to address antitrust rules, there are specific laws designed to protect the public from price-fixing and price discrimination.
- Advertising regulations – No matter what size your business is, you are forbidden to use false claims to market yourself or your products. This is true for all types of advertising and statements about your company, including on your own website, via email and social media, and traditional advertising.
- Environmental regulations – This can impact different businesses in different ways, so it is a good idea to investigate rules regarding pollution and environmental requirements that apply to your business from the federal EPA website
In addition to these federal regulations, there are state and local requirements that you need to be aware of. To learn more about the laws that may apply to your business, contact our office today.