WOSB: A Comprehensive Guide to Women-Owned Small Businesses

Q: Can a business be both a WOSB and an EDWOSB?

Yes, a business can qualify as both if it meets the criteria for economic disadvantage in addition to being women-owned.

Q: What benefits do WOSBs receive?

WOSBs may access federal contracting opportunities specifically set aside for them, along with technical assistance and resources.

Definition & Meaning

The term WOSB stands for Women-Owned Small Business. It refers to a business that is at least 51 percent owned and controlled by one or more women who are U.S. citizens. For a business to qualify as a WOSB, women must manage both the daily operations and long-term decision-making processes. This designation is important for ensuring that women-owned businesses have equitable opportunities in government contracting and procurement.

Table of content

Legal Use & context

WOSB is primarily used in the context of federal contracting and procurement processes. The U.S. government has established specific goals to promote the participation of women-owned small businesses in awarding contracts. Legal practitioners may encounter WOSB in areas related to business law, government contracts, and economic development. Users can utilize legal forms and templates to navigate the application process for WOSB certification and to pursue government contracts effectively.

Key legal elements

Real-world examples

Here are a couple of examples of abatement:

Example 1: A small consulting firm owned by two women qualifies as a WOSB because they own 100 percent of the business and manage all operations.

Example 2: A hypothetical example would be a woman-owned construction company that successfully bids on a government contract designated for WOSBs.

Relevant laws & statutes

Section 7106 of Public Law 103-355 is a key statute that established a government-wide goal for WOSB participation in federal contracting. This law mandates that at least 5 percent of all prime contract and subcontract awards should go to WOSBs each fiscal year.

Comparison with related terms

Term	Definition	Key Differences
WOSB	Women-Owned Small Business, at least 51% owned by women.	Focuses specifically on women ownership in small businesses.
EDWOSB	Economically Disadvantaged Women-Owned Small Business.	Includes additional criteria for economic disadvantage.

Common misunderstandings

What to do if this term applies to you

If you believe your business qualifies as a WOSB, you should:

Review the eligibility criteria set by the SBA.
Gather necessary documentation to prove ownership and control.
Consider using US Legal Forms to access templates for the WOSB application process.
If your situation is complex, seek professional legal assistance.

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Quick facts

Ownership: At least 51% by women
Management: Must be controlled by women
Government Goal: 5% of federal contracts

Key takeaways

Frequently asked questions

What is the process to become a WOSB?

To become a WOSB, you must apply for certification through the SBA and provide documentation proving ownership and control.