One advantage that larger businesses have over small ones is that they have professional lawyers, CPAs and other experts on staff or on retainer to help wade through rules and regulations that govern their business. Small business owners often have to decipher this information themselves, or pay an outside consultant for help, which is a cost that can quickly add up. The state of Delaware has recently passed laws intended to ease some of this burden on small business owners, so they can focus more on their businesses and less on regulatory rules and restrictions. Here is an overview on how these new laws affect Delaware’s small businesses.
Officials will be made aware of their impacts to small businesses
The most beneficial aspect of the Regulatory Transparency and Accountability Act of 2015 is that lawmakers will now have to disclose how any proposed changes affect small business owners financially. In a recent article posted on DelawareOnline, author Scott Goss states, “State regulatory agencies that propose new rules will be required to submit documentation detailing the estimated cost to small businesses, as well as alternatives for lessening the burden to those companies while still upholding the intent of the new regulations.” While many of these regulations are aimed at workplace safety and customer protection, lawmakers will still need to detail how small businesses may be affected.
In instances where regulations may be older and outdated, small business owners can find themselves spending unnecessary dollars to remain compliant. Another change brought about by the Regulatory Transparency and Accountability Act is that lawmakers will be required to review regulation on a regular basis. Sen. Robert Marshall, D-Wilmington is a prime backer of the bill. In the Delaware State News article titled, “Markell Signs Into Law Regulatory Reform Bills,” Senator Marshall states, “Although regulations are sometimes necessary, we must strive to ensure that they do not place unnecessary burdens upon individuals and businesses. This package of legislation, which includes good ideas from legislators on both sides of the aisle, builds upon our previous successful efforts to reduce red tape and improve Delaware’s business climate.”
Collectively, these changes to Delaware’s regulatory rules are aimed at helping small businesses grow and thrive. The laws went into effect on January 1, 2016. Perhaps other states will follow suit to encourage growth in small businesses in their own states.
This article was written by Alaina Brandenburger for Small Business Pulse