Small Business
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A small business is typically a privately owned corporation, partnership, or sole proprietorship that has fewer employees and less annual revenue than a large corporation. The specific definition of a small business can vary significantly by country and industry, often determined by factors like the number of employees or average annual receipts. For instance, in the United States, the Small Business Administration (SBA) generally defines a small business as having fewer than 500 employees for manufacturing businesses and less than $7.5 million in annual receipts for most non-manufacturing businesses, though these figures can change depending on the specific industry. In the European Union, the most common upper limit for a small to medium-sized enterprise (SME) is 250 employees. These enterprises span a vast array of sectors, from retail shops and service providers to professional practices like those of lawyers and doctors.
