Filed in archive Small Business on January 15, 2024

The Size of Your Small Business

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The definition of a small business usually involves the fact that it is smaller than larger businesses. Most countries, however, have defined a small business based on the number of employees that are within the business. Nevertheless, each country seems to have small business laws that define different numbers of employees as the criteria.

In Australia, for example, a small business is one which has less that fifteen employees according to the Fair Work Act 2022. The scope for small businesses in Australia, therefore, is quite small. The European Union, in comparison, defines small business as those with under fifty employees. Interestingly, the United States has a varied definition of a small business depending on the particular industry, but generally small businesses must have less than five hundred employees.