An Indian-owned business is defined as an entity engaged in trade or commerce where at least fifty percent of the ownership is held by individuals who are recognized as Indians or by Indian tribes. This definition is crucial for understanding the eligibility of businesses for certain government programs and support aimed at promoting economic development within Native American communities.
The term "Indian-owned business" is often used in legal contexts related to economic development, business grants, and federal contracting opportunities. It is particularly relevant in areas such as:
Individuals and businesses can utilize legal forms and templates from US Legal Forms to navigate the establishment and operation of an Indian-owned business, ensuring compliance with relevant laws and maximizing access to available resources.
Here are a couple of examples of abatement:
Example 1: A Native American entrepreneur starts a catering business and owns 70 percent of the company, qualifying it as an Indian-owned business.
Example 2: A tribe establishes a hotel and owns 100 percent of the property, making it eligible for specific federal grants aimed at supporting Indian-owned businesses.
The primary legal reference for Indian-owned businesses is found in Title 25 of the United States Code, specifically 25 USCS § 4302. This statute outlines the definition and criteria for what constitutes an Indian-owned business.
Examples of state differences (not exhaustive):
| State | Specific Considerations |
|---|---|
| California | Offers specific grants for Indian-owned businesses. |
| New Mexico | Has programs specifically designed to support tribal enterprises. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition |
|---|---|
| Minority-owned business | An entity where at least fifty-one percent of the ownership is held by individuals from minority groups, which may include but is not limited to Native Americans. |
| Small business | A business that meets specific size standards set by the Small Business Administration, which may or may not be Indian-owned. |
If you are involved in an Indian-owned business or are considering starting one, ensure that you meet the ownership criteria. You may want to:
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| Attribute | Details |
|---|---|
| Ownership Requirement | At least fifty percent owned by Indians or Indian tribes |
| Business Type | Must be organized for trade or commerce |
| Legal Reference | 25 USCS § 4302 |