• Kurt Schmidt

Regulations and Small Business

How do small business find out about regulations and follow them? It seems some states/agencies do amount of communication and others do none. so how do you find out?

Well some should be "common sense" you have to pay sales tax, unless you never bought anything in your life you should know this. Now how to collect and pay sales tax that might be more difficult. But a CPA or your state taxing agency should be help you out.

Will that was the one easy one.

what about all the other regulations? Well you can hire a CPA and they PROBABLLY will get you covered for most tax type regulations, and maybe even point you the right direction for local regulations, Occupancy permits, and other City ordnances that might effect you.

But as I found out recently there are regulations that there are no way anyone would know to go looking for even if you were trying. One of our Business Sell Christmas Ornaments,, Some of the ornaments are manufactured in Germany out of Wood. Of course there would be regulations/customs for import and export to be expected. These are easy enough to find and follow.

But to our surprise did you know wood is a chemical according to the US government. And yes if your a firefighter or imported chemicals before you know that. But what small business owner would ever know that? Problem easy enough solved, thanks to our shipping partner that worked with us and customs to solve the paper work issue.

To get to the point. Your not going to know all the regulations, it just isn't going to happen there are too many. All you can do is be prepared to react quickly, some of these are just a simple form to sign and complete, others are involve fees because you didn't do it right the first time. Just remember most laws have "SAFE HARBOR" so if you can fixed it quickly and not do it again, you can ask for the fee for doing it wrong the first time be waved. Of course this doesn't apply in all cases. If you dump toxic chemicals into the dump your probably going to jail because law or no law you should know not to do that. So use common sense, do what is right, and when you miss something fix it quickly and monitor it in the future.

1 view0 comments

Recent Posts

See All