Define: Small-Business Concern

A small-business concern refers to a business entity that is independently owned and operated, organized for profit, and not dominant in its field of operation. It typically has a limited number of employees and generates a relatively low annual revenue.

The Small Business Administration (SBA) provides specific criteria to determine if a business qualifies as a small-business concern. These criteria vary depending on the industry and are based on factors such as average annual revenue, number of employees, and industry classification codes.

To start a small business, you will typically need to fulfill various legal requirements, such as registering your business name, obtaining necessary licenses and permits, applying for an Employer Identification Number (EIN), and complying with local, state, and federal tax obligations.

Yes, there are specific regulations and laws that apply to small businesses, such as employment laws, tax laws, intellectual property laws, and consumer protection laws. It is important to familiarize yourself with these regulations and ensure compliance to avoid legal issues.

In some cases, yes. If you operate your small business as a sole proprietorship or a general partnership, you can be personally liable for the business’s debts and legal issues. However, forming a limited liability company (LLC) or a corporation can help protect your personal assets from business liabilities.

To protect your small business’s intellectual property, you should consider registering trademarks, copyrights, or patents, depending on the type of intellectual property you want to protect. Consulting with an intellectual property attorney can help you navigate the process and ensure proper protection.

When hiring employees for your small business, you must comply with various legal requirements, such as verifying their eligibility to work in the country, withholding and paying payroll taxes, providing workers’ compensation insurance, and adhering to anti-discrimination laws during the hiring process.

As a small-business owner, you have legal obligations to protect customer data privacy. This includes implementing appropriate security measures to safeguard customer information, obtaining consent for data collection and usage, and complying with applicable data protection laws, such as the General Data Protection Regulation (GDPR) in the European Union.

The ability to terminate an employee at will depends on the employment contract and applicable state laws. While some states allow at-will employment, others have specific requirements for termination, such as providing notice or a valid reason. It is advisable to consult with an employment attorney to ensure compliance with relevant laws.

If your small business faces a contract dispute, you have several legal options. You can negotiate a resolution with the other party, pursue mediation or arbitration, or file a lawsuit in civil court. Consulting with a business attorney can help you determine the best course of action based on the specifics of your situation.