Three Tips for Small Businesses in Celebration of National Small Business Week

1. Before launching the ship, consult with three professionals: the attorney, the accountant, and the insurance agent. Have the attorney and accountant advise on whether you should do business as a corporation or limited liability company. Have the accountant help you set up your bookkeeping and financial systems. Have the lawyer draft or review your contracts with clients and suppliers. Have the insurance agent make sure you have the right kinds and amounts of insurance. If your ship is already out at sea, you can still adjust your course.
2. Always be wary of the distinction between employees and independent contractors. The penalties for mischaracterizing a worker can be quite severe. Unless you think you are an expert, don’t try to handle payroll on your own. Federal and state laws affecting employment are complex and ever changing. Hire a payroll company to keep you out of trouble.
3. For businesses with multiple owners, take the trouble to write down the various tasks to be done and identify who will be responsible for which.
   1. How will needed funds be raised, and how will profits be distributed?
   2. How will deadlocks be resolved?
   3. And depressing as it may be, how will you deal with death or disability? Having all this down on paper can prevent fights, facilitate accountability, and provide a path forward when times get tough.

National Small Business Day is celebrated on May 10. Today, we celebrate the self-employed and those with startups. We appreciate the individuals with big ideas and the drive to make them come true. The United States has always thrived on the idea of entrepreneurship.

For more than 60 years, the U.S. Small Business Administration (SBA) has celebrated National Small Business Week (NSBW), which acknowledges the critical contributions of America’s entrepreneurs and small business owners. National Small Business Week 2026 will take place May 3-9, and the SBA will officially recognize their hard work, ingenuity, dedication, and their contributions to the economy. 

Gary presented ‘Anatomy of a Business Sale,’ a webinar for the New York Small Business Development Center in 2025, and you can click here to view the video on You Tube.

This is not intended to be legal advice; you should contact an attorney regarding your specific situation.