It’s a great time to be a woman owned business!
It’s a great time to be a woman owned
business!
The number of businesses launched by
women in this country is growing exponentially. But what most women
don’t know is that there are numerous benefits to being certified
as a woman owned business from both the state and federal standpoint.
These benefits range from preferential treatment on government
contracts to the availability of special loans backed by the Small
Business Administration.
So what does it mean to be a woman
owned business? The first misperception of being a woman owned
business is the belief that women have to own 100% of the shares of
the company to qualify. The fact is that a woman or group of women
merely have to own 51% of the voting shares of a company or 51% of
the membership interests of a limited liability company. The women
owners must be US citizens or legal residents of the United States.
The women owners of the business must be running the company, usually
as the CEO and/or President of the corporation, or in the case of a
limited liability company, the women owner(s) must be the managing
member(s). The woman owner must have ownership and an officer
position for at least six months and the woman owner must be active
in daily management prior to submitting any application. Those are
the basic requirements for being qualified to be certified as a woman
owned business.
Once you know you qualify as a woman
owned business, you may apply to be certified as a woman owned
business with United States government and the state government in
which you are doing business. Though the process is meant to be
user-friendly, unfortunately it takes time and a certain amount of
expertise in the area to get your approval by the applicable state
and federal government agencies. Assistance in this area can be
obtained by a knowledgeable business law attorney who knows this area
of law well, with the assistance of your accountant, as there are a
number of tax related forms that must be filed with your
certification.
In the end, every
business owner I know that has completed the process is very glad
they did. Therefore, if you’re a woman, and your business qualifies
to be a woman owned business. I strongly encourage you to take the
time and go through the process to get your certifications. Feel free
to contact me at David@weinsteinlawyer.com to answer any questions
you may have.
© 2017 Law Offices of David A. Weinstein, P.C. All rights reserved. The information contained in this website is provided for informational purposes only, and should not be construed as legal advice or an offer to perform services on any subject matter.
© 2017 Law Offices of David A. Weinstein, P.C. All rights reserved. The information contained in this website is provided for informational purposes only, and should not be construed as legal advice or an offer to perform services on any subject matter.
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