Minnesota Statutes 645.445 – Small Business; Definitions
Subdivision 1.Scope.
Wherever the term “small business” is used in Minnesota Statutes or in any rule or program established thereunder, the definitions contained in this section shall apply unless the context clearly indicates that a different meaning is intended or required.
Subd. 2.Small business.
Terms Used In Minnesota Statutes 645.445
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dominant in its field of operation: means having more than 20 full-time employees and more than $1,000,000 in annual gross revenues or $2,500,000 in annual gross revenues if a technical or professional service. See Minnesota Statutes 645.445
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Terms Used In Minnesota Statutes 645.445
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dominant in its field of operation: means having more than 20 full-time employees and more than $1,000,000 in annual gross revenues or $2,500,000 in annual gross revenues if a technical or professional service. See Minnesota Statutes 645.445
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
“Small business” means a business entity organized for profit, including but not limited to any individual, partnership, corporation, joint venture, association or cooperative, which entity:
(1) is not an affiliate or subsidiary of a business dominant in its field of operation; and
(2) has 20 or fewer full-time employees; or
(3) in the preceding fiscal year has not had more than the equivalent of $1,000,000 in annual gross revenues; or
(4) if the business is a technical or professional service, shall not have had more than the equivalent of $2,500,000 in annual gross revenues in the preceding fiscal year.
Subd. 3.Dominant in field of operation.
“Dominant in its field of operation” means having more than 20 full-time employees and more than $1,000,000 in annual gross revenues or $2,500,000 in annual gross revenues if a technical or professional service.
Subd. 4.Affiliate or subsidiary of business dominant in field of operation.
“Affiliate or subsidiary of a business dominant in its field of operation” means a business which is at least 20 percent owned by a business dominant in its field of operation, or by partners, officers, directors, majority stockholders, or their equivalent, of a business dominant in that field of operation.
Subd. 5.
[Repealed, 1990 c 541 s 31]