8 Important Government Regulations Every Business Owner Must Know

You’re in charge of creating, reviewing, and implementing company policies. You’re able to develop the company as you see fit.

Of course, there are some limitations. You must still answer to the government even when you're the boss. Rules and regulations apply to businesses, covering everything from ethics to taxation.

These business laws are so numerous that they may be difficult to maintain. That’s why most businesses have an attorney they can call as needed. 

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 Code When 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.

Swipe Up

for more finance, business, and real estate advice