Three Newest Laws Designed to Help Small Businesses

law gavel and book, business litigationChicago strives to give small businesses the assistance they need to be competitive with larger businesses, including passing legislation that offers a range of benefits. For those who operate a small business, there are three laws that should be understood to reap the greatest gains.

The official website of Chicago houses details about how to own and operate a business in the city, regardless of the business size; however, their New Business page includes numerous useful links for those just starting up their business. Finding and retaining a business litigation lawyer can provide further insights and help in establishing and improving a small business or company.

Tax Credits

Like many major cities, Chicago has a number of tax credits aimed at helping businesses thrive. These credits range in types and target business sizes. A number of these credits are focused on new businesses (or business new to the area), including credits for taking over abandoned properties or vacant lots. The credits are further extended to land that was once considered contaminated but has been deemed clean. There are also several training and hiring credits that help businesses get and retain the right talent for their jobs.

The Regulatory Flexibility Program

This is a state program that specifically targets small businesses and is aimed at assisting in their growth. The state Department of Commerce and Economic Opportunity provides assistance to small businesses so that the businesses can more easily comply with a wide range of regulations. As there are a number of complex regulations around the state, this helps level the playing field. A business litigation lawyer can assist in finding the applicable regulations and determining the best way to proceed with complying with those regulations.

The Chicago Transit Authority Small Business Program

Also called the CTA Small Business Program, this program allows a specific number of CTA projects for small businesses to complete. Larger companies are not allowed to compete to complete these city transportation projects, although they are able to bid on other projects for the transportation department. A small business that wants to be considered for one of the CTA Small Business Program projects must first be SBE certified.

Business litigation lawyers have a better understanding of how to use these laws and others to the advantage of a small business. Contacting a lawyer who focuses on business litigation can help build a small business in the large Chicago business sphere.