small business

noun

Legal Definition of small business

: an independently owned and operated business that is not dominant in its field of operation and conforms to standards set by the Small Business Administration or by state law regarding number of employees and yearly income

called also small business concern

— see also Small Business Administration

Learn More About small business

Cite this Entry

“Small business.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/small%20business. Accessed 23 Jul. 2021.

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