Small-business meaning

The definition of a small business is an independently owned and operated company that is limited in size and in revenue depending on the industry.

A local bakery that employs 10 people is an example of a small business.

A manufacturing facility that employees less than 500 people is an example of a small business. Source: SBA.

A privately-owned and operated business with relatively small turnover and staff numbers, typically seen as constituting part of a specific commercial or economic sector.
An independently owned and operated business, whose owner(s) exercises close control over operations and decisions. The equity is not publicly traded and business financing is personally guaranteed by the owner(s). Typically, a small business employs fewer than 100 workers and has revenues of less than $25 million. It also isn’t dominant in its field. However, the definition of small business tends to vary. Federal securities law define small business as a company in the United States or Canada that has less than $25 million in annual revenues and whose outstanding publicly-traded stock is worth less than $25 million.