Does The Government See Your Enterprise As A ‘Small Business’?
Not necessarily, according to Victory State Bank.
This is because the U.S. Small Business Administration points out you may be taking it for granted that your enterprise is a "small business." But that may not be the case.
The distinction is important if you wish to register for government contracting as a small business.
Once you register as a government contractor, you must adhere to industry-size standards established by the SBA.
The SBA, for most industries, defines a "small business" either in terms of the average number of employees over the past 12 months, or average annual receipts over the past three years.
In addition, SBA defines a U.S. small business as a concern that:
· Is organized for profit;
- Has a place of business in the U.S.;
- Operates primarily within the U.S. or makes a significant contribution to the U.S. economy through payment of taxes or use of American products, materials or labor;
- Is independently owned and operated, and
- Is not dominant in its field on a national basis.
The business may be a sole proprietorship, partnership, corporation, or any other legal form.
In determining what constitutes a small business, the definition will vary to reflect industry differences, such as size standards.
You can learn how to determine the size of your business by visiting the SBA at: http://www.sba.gov/content/determining-business-size.
About Victory State Bank:
VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .
Relevant Public Relations, LLC