Small business
A small business may be defined as a business with a small number of
employees. The legal definition of "small" often varies by country and
industry, but is generally under 100 employees in the United States while
under 50 employees in the European Union (In comparison, the American
definition of mid-sized business by the number of employees is generally
under 500 while 250 is for that of European Union). These businesses are
normally privately owned corporations, partnerships, or sole
proprietorships.
However, other methods are also used to classify small companies, such us
annual sales (turnover), assets value or net profit (balance sheet), alone
or in a mixed definition. This criteria is followed by the European Union,
for instance (headcount, turnover and balance sheet totals).
Small businesses are common in many countries, depending on the economic
system in operation. Typical examples include: convenience stores, other
small shops (such as a bakery or delicatessen), hairdressers, tradesmen,
solicitors, lawyers, accountants, restaurants, guest houses, photographers,
small-scale manufacturing etc. Small businesses are usually independent.
The smallest businesses, often located in private homes, are called
microbusinesses (term used by international organizations such as the World
Bank and the International Finance Corporation) or SoHos. The term "mom and
pop business" is a common colloquial expression for a single-family operated
business with few (or no) employees other than the owners. When judged by
the number of employees, the American and the European definitions are the
same: under 10 employees.
From:
Wikipedia
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