SMALL BUSINESS Definition

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SMALL BUSINESS a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. The legal definition of "small" varies by country and by industry. In the United States the Small Business Administration establishes small business size standards on an industry-by-industry basis, but generally specifies a small business as having fewer than 100 employees.

Learn new Accounting Terms

JV is Journal Voucher or Joint Venture.

AGENCY is the relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.

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