Small Business

Small businesses are common in many countries, depending on the economic system in operation. Typical examples are: convenience stores, other small shops (such as a bakery or delicatessen), hairdressers e.t.c. ". Small businesses can also be classified according to other methods such as sales, assets, or net profits.

Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. What constitutes "small" in terms of government support and tax policy varies by country and by industry, under the Australian Fair Work Act 2009 ranging from fewer than 15 employees, 50 employees according to the definition used by the European Union, and fewer than 500 employees to qualify for many U.S. Small Business Administration programs, although in 2006 there were over 18,000 "small businesses" with over 500 employees that accounted for half of all the employees employed by all "small business