A New Law Could Imprison Small Business Owners

The election isn’t the only thing small business owners have to worry about in Washington. Small businesses are being threatened by a new federal law set to take effect at the end of this year. Entrepreneurs who don’t fully comply will face steep fines and even jail time. Congress should immediately delay – if not outright repeal – the misguided law.

The Corporate Transparency Act requires certain businesses to divulge personal information about their owners and officers. And this information needs to be updated within 30 days of any changes.

According to polling from the Job Creators Network Foundation, only about one-third of small businesses nationwide are aware of the law – meaning many Americans are facing strict penalties, including up to $10,000 in fines and two years in prison, for rules they don’t even know are on the books.

Gary James, a JCN Partner and small business owner, calls on Sen. Sherrod Brown to act on this immediately in the Columbus Dispatch.