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Nat'l Small Business Week: 5 Legal Facts You Should Know

By Brett Snider, Esq. on May 13, 2014 | Last updated on March 21, 2019

It's National Small Business Week, a time to recognize the importance of America's 28 million small businesses.

Events sponsored by the Small Business Administration span from San Francisco to Boston and Washington, D.C., ending with the announcement of the National Small Business of the Year.

Wonder if that could be you? Consider your odds -- and these five legal facts about National Small Business Week that you may not have known:

1. It's Announced by an Annual Presidential Proclamation.

National Small Business Week (NSBW) is one of many occasions -- like Law Day -- which are marked by an annual proclamation by the president. On Friday, President Barack Obama's proclamation announced that during NSBW, his administration would "renew [its] commitment to helping [small businesses] thrive."

President Obama's proclamation also reminded us that the SBA Administrator position had been elevated to a cabinet position in 2012.

2. Small Businesses Make a Big Impact.

The SBA celebrates 2014 as the 51st time NSBW has been recognized by the federal government. And not for nothing. The SBA notes that American small businesses create "two out of every three new jobs in the U.S. every year."

As a small business employer, you should revel in boosting our nation's economy. Just make sure you know whether your new summer hires are contractors or employees.

The SBA has called upon businesses to "reflect on the transformative impact of technology in speeding the growth of our small businesses." That includes having up-to-date cybersecurity measures in place.

Those measures can be as simple as securing your Wi-Fi, but neglecting your cybersecurity can lead to big losses. And with the SBA offering a free course on it, there's no reason to remain in the dark.

4. Obamacare Isn't Going Anywhere.

Obamacare's employer mandate kicks in starting 2015, so you may need to sign up for health insurance for your employees. Your small business might be exempt, but you should consider your options before next year's NSBW rolls around.

5. Your Business Could Probably Use a Lawyer.

Whether you're just starting your business or you're looking for ways to keep growing, you should consider hiring a small business attorney. Not only can an attorney help with contracts, employer liability, licensing, and other issues, he or she can help anticipate legal issues before they happen.

This year's National Small Business Week is just getting started. Follow the latest NSBW news on Twitter with the hashtag #SBW2014.

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