Based on the definition of The Small Business Administration, many of you operate a ‘small business.’ The SBA defines a small business concern as one that is independently owned and operated, is organized for profit, and is not dominant in its field. Depending on the industry, size standard eligibility is based on the average number of employees for the preceding twelve months or on sales volume averaged over a three-year period. Attorneys would fall into the Services category. “ Services: Annual receipts may not exceed $2.5 to $21.5 million, depending on the particular service being provided.”
So why are we reporting this? You know you are a small business. You are a going concern and not interested in a loan. But what happens if your office is destroyed by a hurricane, tornado, earthquake, fire, etc. Have you ever thought how you would rebuild? Click here for more information.
The Small Business Administration is not only a resource for your clients but potentially a resource for you.