What qualifies a business as a "small business"?
The Small Business Act states that a small business concern is "one that is independently owned and operated and which is not dominant in its field of operation." The law also states that in determining what constitutes a small business, the definition will vary from industry to industry to reflect industry differences accurately.
In general, according the U.S. Small Business Administration, the following are considered small business:
|♦||Wholesale Trade: 100 employees or less|
|♦||Manufacturing and Mining Industry: 500 employees or less|
|♦||Retail/Service Industry: $6 million or less in sales|
|♦||General and Heavy Duty Construction Industry: $28.5 million or less in sales|
|♦||Special Trade Contractors: $12 million or less in sales|
|♦||Agriculture Industry: $.75 million or less in sales|