Is your business a Small Business? Please note that there are more details than I am presenting in this article. Here is one definition from the US Government:
The United States Code is a consolidation and codification by subject matter of the general and permanent laws of the
Title 15 is identified as Commerce and Trade
Chapter 14A is identified as Aid to Small Business
Section 632 is identified as Small Business Concern
A small-business concern, including but not limited to enterprises that are engaged in the business of production of food and fiber, ranching and raising of livestock, agriculture, and all other farming and agricultural related industries, shall be deemed to be one which is independently owned and operated and which is not dominant in its field of operation: Provided an agricultural enterprise shall be deemed to be a small business concern if it has annual receipts not in excess of $750,000.
(2) Establishment of size standards
In addition to the criteria specified in paragraph (1), the Administrator may specify detailed definitions or standards by which a business concern may be determined to be a small business concern for the purposes of this chapter or any other Act.
The standards described in paragraph (1) may utilize number of employees, dollar volume of business, net worth, net income, a combination thereof, or other appropriate factors.
Unless specifically authorized by statute, no Federal department or agency may prescribe a size standard for categorizing a business concern as a small business concern, unless such proposed size standard—
(I) the size of a manufacturing concern as measured by the manufacturing concern’s average employment based upon employment during each of the manufacturing concern’s pay periods for the preceding 12 months;
(II) the size of a business concern providing services on the basis of the annual average gross receipts of the business concern over a period of not less than 3 years;
(III) the size of other business concerns on the basis of data over a period of not less than 3 years; or
When establishing or approving any size standard pursuant to paragraph (2), the Administrator shall ensure that the size standard varies from industry to industry to the extent necessary to reflect the differing characteristics of the various industries and consider other factors deemed to be relevant by the Administrator.
Now, did that help?
Steve Koenig, SCORE Counselor
Visit us at: www.scoresouthflorida.net