Important Regulations for Small Business Owners to Know
However, you don’t want to call your lawyer over every little question. Instead, it’s good for entrepreneurs to have a basic working knowledge of relevant government regulations. Here are some of the big ones.
1) U.S. Tax CodeWhen small business owners have legal questions, they often begin with taxes. The U.S. Tax Code is a set of government regulations explaining which business taxes you must pay and when and how to pay them.
Every business registered as a corporation has to pay federal taxes, and most businesses also need to pay taxes at the state level. The taxes you pay will largely depend on the type of legal structure you have.
2) Laws Concerning Employment and Labor
If your company has full-time employees or contract workers, you must ensure compliance with employment laws. The good news for new companies is that the Department of Labor provides a tool that makes it easy to start.
3) Regulations Regarding Advertising
Every business needs to advertise its products and services. There are certain regulations to govern your advertising, ensuring that you don’t market your products in a way that is purposefully deceptive or dangerously misleading.