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Senator presents bill to streamline small business regulation

A bill recently introduced in the Virginia Senate would implement a commission with the power to block enforcement of regulations for some small businesses. The commission would also evaluate any new mandates the state government places on businesses. Senator Richard Stuart's bill made it out of the Rules Committee nearly two weeks ago. The full Senate will hear the bill next.

Stuart, R-Stafford, elaborated on the role of the commission, saying that it would review how any future mandates would impact small business formation. The commission would consist of both private citizens and legislators. It would also be able to suspend mandates for up to a year for further review. Stuart introduced the bill after speaking with business professionals about impediments to creating jobs, with government mandates being the main concern state business people had.

According to a spokesperson for the National Federation of Independent Business, small businesses pay $3,000 more on average than large businesses do to comply with regulations because of inefficiencies of scale. Furthermore, that $3,000 is more significant to a small business operating on a more limited budget. The purpose of Stuart's bill is to mitigate that cost and improve small business formation.

With regard to the commission's ability to review laws and mandates, the NFIB spokesperson added that most regulations were passed in an "intense, short legislative session" that didn't give time for comprehensive analysis. With laws postponed for a year, there would be time in the off season to study their effects more extensively.

For business owners wanting to plan for regulations, the services of a business lawyer are very important. A business and commercial law attorney will give advice and guidance as well as help owners take advantage of legislation like Sen. Stuart's. For instance, even though this bill might set up a commission to help small business owners, entrepreneurs will still have to submit a form to get the assistance they need. Legal assistance is essential.

Source: fredericksburg.com, Stuart bill would helps small businesses avoid burdensome regulations, Chelyen Davis, Feb. 1, 2013