Small business is a business in which allowed economic activities are independently and permanently performed by a private person in order to acquire gain or income. That can be acquired by production, trade or by offering a certain service on the market. In the Republic of Croatia, any person who does not have a ban and owns the necessary space can open a small business. In the EU different rules apply in different countries when it comes to the temporary offering of services and opening long-term businesses. Small business owners need to pay special attention to accounting records, i.e., keeping accounting records differs for those small business owners who pay income tax from those who pay corporate tax. Those who pay income tax need to keep record of expenditure and receipts, inventory of fixed assets, the invoice book, record of claims and obligations and purchases and of the use of reproductive materials and consumables, food and beverages, whereas small business owners who pay corporate tax only have to keep the journal and the general ledger. The most common taxes paid by small business owners are income tax, corporate tax and added value tax.