Simple English definitions for legal terms
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Small-business concern: A small business is a company that is independently owned and operated, with limited numbers of employees and business volume. It is not dominant in its field of operation and qualifies for an exemption from freight undercharges.
A small-business concern is a business that is independently owned and operated, not dominant in its field of operation, has limited numbers of employees and business volume, and qualifies for an exemption from freight undercharges. This means that the business is small enough to receive certain benefits and exemptions from regulations that larger businesses do not qualify for.
These examples illustrate the definition of a small-business concern by showing the characteristics that qualify a business for this designation. The first two examples show businesses that are independently owned and operated, have limited numbers of employees and business volume, and are not dominant in their fields. The third example shows a business that does not meet these criteria and therefore would not be considered a small-business concern.
Small Business Administration | Small Business Investment Act