Which is Your Small Business Definition?

Small businesses come in all shapes and sizes. A small business that is just getting off the ground is one, while a business that is grossing a million dollars a year is often still considered “small” by some peoples’ definitions. What exactly constitutes a small business depends on whether you are interested in the tax-specific definition, the corporate-specific definition, or the Webster’s-dictionary definition. Lets take a look at some common definitions for “small business” and see if they apply to yours:

• A small business is independently owned and operated with fewer than twenty employees
• Small business is defined by section 3(a) of the Small Business Act 15 USC 632(a)
• A small business is not dominant in its operative field, annual receipts are not above $500,000, and there are fewer than 50 employees
• Small business is a term that refers to any firm with limited assetsa dn limted impact on the market.

As you can see, there are many different ways to define small business. If you have a business, your only concern should be making sure that you define yours correctly as a small or large business concern in order to get the appropriate tax rebates and incentives.

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