3 Things You Should Know About Small Business: Oct. 23

NEW YORK ( TheStreet) -- What's happening in small business today?

1. Romney's immigration law will pressure small businesses. Republican presidential candidate Mitt Romney vows there will be less regulation for small businesses under his leadership, but his support for an immigration law currently in 18 states could mean an extra step in the hiring process for all businesses, according to CNNMoney.

The government program called E-Verify requires business owners to check the legal status of all new workers against Social Security and immigration records.

Some small businesses say the added responsibility is a waste of time and an unnecessary layer of regulation that takes away from running their business.

Experts say the program doesn't always catch fraud and could even falsely flag legal workers, the article says.

2. Capital One partners with Count Me In to create a mentorship program for women military veterans. Capital One ( COF) and Count Me In for Women's Economic Independence, a nonprofit organization that provides business education and resources for women entrepreneurs, have launched a joint initiative -- the Women Veteran Entrepreneur Corps -- to help women veterans fuel the growth of their small businesses and create jobs.

The training and mentorship program is designed to help established women small-business owners who are veterans (or spouses or domestic partners of veterans) conquer daily business challenges and plan for future growth and success.

Capital One has committed $800,000 toward the program. The program builds on the bank's $4.5 million commitment to support the U.S. Chamber of Commerce's Hiring Our Heroes initiative, a program that provides job fairs and workforce training initiatives across the United States for veterans and military spouses. In March, Capital One, the U.S. Chamber and National Chamber Foundation announced "Hiring 500,000 Heroes," a national campaign to engage the business community in committing to hire 500,000 veterans and military spouses by the end of 2014.

"The energy and motivation that women veterans bring to their business ventures is unmatched, and we are very excited to use our experience helping women reach their entrepreneurial potential to help this important -- and growing -- group of new entrepreneurs," said Nell Merlino, founder and president of Count Me In. "With Capital One's help, WVEC will provide women veteran business owners with the direct training and the assistance they need to overcome challenges to their continued business growth."

To help women vets overcome business challenges, Count Me In and Capital One will kick off the WVEC initiative with a conference and business pitch competition Dec. 3-4. The event, to be held at Capital One's headquarters in McLean, Va., will gather hundreds of women veterans and business growth experts to participate in a variety of panels and workshops.

3. How to not botch an acquisition. Buying another business may sound like it's only for large corporations, but it could also be a good way for smaller companies to grow -- if done right. Inc.com says there are four pitfalls to avoid when doing an acquisition.

The first pitfall comes when the owner's compensation is tied to profit. It seems like a reasonable solution when buying a company so the business doesn't have to lay out a bunch of cash upfront, but conflicts could come up with the way that profit is counted. Tie the owner's compensation to a revenue figure.

Don't be vague on how the target company will be supported once acquired. It is worth the time to document exactly the support you will give to help it achieve the goals you agree upon, the article says.

Choose your lawyer carefully -- the one who incorporated the business may not make the best M&A lawyer. And don't under any circumstances underestimate the difficulties of integration on clients and employees once the deal is done.

-- Written by Laurie Kulikowski in New York.

To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com.

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