lesson 4 answer - Lesson 4 Small Business: Small business...

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Lesson 4 Small Business: Small business include in FAR part 19. The legal definition of small business is varies by country to country and by industry to industry. A small business is a business which is privately owned. It is operated with a small number of employees and low volume of sales. It is known as partnerships or sole proprietorships. Small businesses can also be classified according to other methods such as sales, assets, or net profits. In short small business is must be independently owned and operated and not dominant in its field of operation and must qualify as a small business under the size standard applicable to the procurement. Presences for small business are contract set-asides which reserves part or all of a proposed procurement. Small Disadvantaged Business: Small business owned and controlled by a socially disadvantaged individual. A Small Disadvantaged Business is a small business which has at least 51 percent owned by one or more individuals who are both socially and economically disadvantaged. Businesses should be certified by the Small Business Administration to qualify for SDB status. SDB status makes a company eligible for bidding and contracting benefit programs involved with federal
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This note was uploaded on 08/03/2011 for the course ECON 101 taught by Professor Hughes during the Spring '11 term at Ashford University.

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lesson 4 answer - Lesson 4 Small Business: Small business...

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