(a) For purposes of this part, “microenterprise” means a sole proprietorship, partnership, limited liability company, or corporation that meets both of the following requirements:
(1) Has five or fewer employees, including the owner, who may be part time or full time.
Terms Used In California Business and Professions Code 18000
- 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.
- 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.
(2) Generally lacks sufficient access to loans, equity, or other financial capital.
(b) For purposes of this part, “microenterprise development provider” means a nonprofit organization or public agency that provides self-employment training, technical assistance, and access to microloans to individuals seeking to become self-employed or to a microenterprise seeking to expand its current business.
(Amended by Stats. 2014, Ch. 101, Sec. 1. (AB 674) Effective January 1, 2015.)