Articles Tagged with Small Business Regulations

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Subchapter V for Small Business Owners

For the past two years, small businesses whose bottom lines were impacted by the onset of COVID-19 enjoyed greater protections while going through Chapter 11 bankruptcy reorganizations in the form of higher debt limits under the Small Business Reorganization Act.

That act, passed in August 2019 and enacted as of February 2020, established what came to be called “Subchapter V” of the SBRA, aimed at providing a simpler, less costly and ultimately more beneficial Chapter 11 process for small business debtors who would struggle to afford administrative and other costs.

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Do you need a business license?

In the past two years about 30,000 new businesses were started in Illinois.   Most of those new business had to get a specific license for their particular type of business.   Not all businesses do, but many will need an Illinois Business License specific to their occupation, which vouches for the fact that you’re qualified to perform a certain type of skill and reassures customers that you will be accountable for your work.

For starters, you will need a Certificate of Registration common to all types of businesses. Then, you will need to drill down to your particular type of occupation, perhaps using this page on the Illinois Department of Financial and Professional Regulation website.

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CTA – Federal Reporting Requirements for Small Business

The paper work for many small businesses will be increasing.

Many small businesses with 20 or fewer employees and $5 million or less in gross receipts or sales will be subject to new federal reporting requirements under the Corporate Transparency Act (“CTA”), a section of the National Defense Authorization Act enacted on January 1. This will include both those formed in the U.S., whether through a state or an Indian nation, as well as those formed outside the U.S. but registered to do business here.

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