R.L. DePanfilis & Company, LLC logo

Certified Public Accountants and Management

Consultants

 

13 Byington Place, Norwalk, CT 06850

Phone: 203-853-1040

Fax:     203-853-070

 

Email: info@depanfilis.com

Website: www.depanfilis.com

January 2018

What Constitutes a Small Business

If you own a “small” business, it may be pretty big according to the Small Business Administration. The government agency recently shuffled the North American Industry Classification System (NAICS) definition of industries, increasing size standards for six industries and decreasing them for two.


Depends on Industry


Size standards are generally defined by maximum average annual receipts or average number of employees. For instance, a graphic design services firm is “small” if average annual receipts are less than $7.5 million, while a computer systems design services firm qualifies as small with a $27.5 million limit.


Small information technology value-added resellers may have up to 150 employees, while most life sciences research firms can have up to 1,000 employees and qualify as a small business.


Small = Opportunity


Why does size matter? Those firms qualifying as small businesses are eligible for federal government grants, loans and contracts. For more information, check out www.sba.gov.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.