Regulations are a double-edged sword. They’re created to improve business dealings, discourage unfair or illegal business activity, and protect workers. But, for small business owners, they often mean more red tape, higher costs and possible penalties for failing to comply.
“For a small business, you have a higher cost per employee when it comes to complying with regulations than your larger business competitors,” said Tom Sullivan, vice president of small business policy for the U.S. Chamber of Commerce.
Heading into 2024, there are several regulations that should be on small business owners’ radar.
REGISTERING WITH FINCEN
Small businesses will need to register
