A small business is an independently owned and operated company that is limited in size and revenue, according to regulations from the country it operates in. It can take the form of a corporation, partnership, or sole proprietorship. The size of a small business can range from 15 to 500 employees, depending on the country. These businesses can be in various sectors, such as service or retail[1], including convenience stores and restaurants. They usually don’t dominate the market they are in. In different countries, they are defined by various criteria like the number of employees or annual turnover. For instance, in the US, a small business has fewer than 500 employees or less than $7.5 million in annual receipts. The ownership of such businesses is diverse, with different age, gender, and racial distributions. They can also be part of a franchise or a retailers cooperative. Despite facing some financial challenges, small businesses can serve niche markets, adapt quickly to changes, and have closer contact with customers.
Small businesses are types of corporations, partnerships, ou sole proprietorships which have a small number of employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy. The qualifications vary depending on the country and industry. Small businesses range from fifteen employees under the Australian Fair Work Act 2009, fifty employees according to the definition used by the European Union, and fewer than five hundred employees to qualify for many U.S. Small Business Administration programs. While small businesses can also be classified according to other methods, such as annual revenues, shipments, sales, assets, annual gross, net revenue, net profits, the number of employees is one of the most widely used measures.
Small businesses in many countries include service or retail operations such as convenience stores, small grocery stores, bakeries ou delicatessens, hairdressers ou tradespeople (e.g., carpenters, electricians), restaurants, motels, photographers, very small-scale manufacturing, and Internet-related businesses such as web design e programação informática. Some professionals operate as small businesses, such as lawyers, accountants, dentists, medical doctors e criadores (although these professionals can also work for large organizations or companies). Small businesses vary a great deal in terms of size, revenues, and regulatory authorization, both within a country and from country to country. Some small businesses, such as a home accounting business, may only require a business license. On the other hand, other small businesses, such as day cares, retirement homes, and restaurants serving liquor are more heavily regulated and may require inspection and certification from various government authorities.
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