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Understanding Small Business Owned and Controlled by Veterans: Key Legal Insights
Definition & Meaning
A small business owned and controlled by veterans is defined as a business entity where at least 51 percent of the ownership is held by one or more veterans. This includes both privately-owned and publicly-owned businesses. Additionally, the management and daily operations of the business must be directed by one or more veterans. This definition ensures that veterans have a significant role in both the ownership and management of the business, supporting their transition into civilian entrepreneurship.
Table of content
Legal Use & context
This term is primarily used in the context of federal contracting and small business assistance programs. It is relevant in areas such as business law and government contracting, where specific benefits and opportunities are available to veteran-owned businesses. Users can manage related forms and applications through resources like US Legal Forms, which provides templates tailored for veteran business owners.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A veteran named John starts a landscaping business and owns 100 percent of the company. He manages all operations and hires other veterans to help run the business. This qualifies as a small business owned and controlled by veterans.
Example 2: A publicly-traded company has 60 percent of its stock owned by veterans, and its CEO is a veteran. This company also meets the criteria for being a small business owned and controlled by veterans.
State-by-state differences
Examples of state differences (not exhaustive):
State
Criteria Variations
California
Offers additional grants and resources for veteran-owned businesses.
Texas
Has specific certifications for veteran-owned businesses to access state contracts.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Differences
Minority-Owned Business
A business where at least 51 percent is owned by individuals from minority groups.
Focuses on racial or ethnic minority ownership rather than veteran status.
Women-Owned Business
A business where at least 51 percent is owned by women.
Specifically targets female ownership and management.
Common misunderstandings
What to do if this term applies to you
If you believe your business qualifies as a small business owned and controlled by veterans, consider the following steps:
Gather documentation proving ownership and management by veterans.
Explore certification programs that can provide additional benefits and access to government contracts.
Utilize US Legal Forms to find templates for necessary forms and applications.
If your situation is complex, consider consulting a legal professional for tailored advice.
Find the legal form that fits your case
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