Small Business Definition is Updated

On Feb 10th, the Small Business Association (US) published new guidelines in the Federal Register. 37 small business size standard for 34 industries and three sub-industries in the North American Industry Classification System (NAICS) were increased. These changes take effect March 12, 2012. These changes were the result of a new comprehensive review of size standards, the first such update since the early 1980s. The small business industry associations are evaluating these changes. Obviously, such changes will impact the specific businesses that can be used in developing a small business plan.

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