Archive: small business

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Can a Woman Who Lacks Experience Control a Small Business Concern?

The Small Business Administration (SBA) recently said “no,” overturning a set-aside award to a woman-owned small construction business. The firm in question is 51% owned by two women, who serve as the president and vice president. The women did not have prior construction experience and had not previously held similar positions in other industries. However, their […]

Mark Phillips Moderated a Panel for the Northern Virginia Technology Council

Mark Phillips, a partner in Aronson’s Diversified Commercial Services Group, moderated a panel for the Northern Virginia Technology Council’s Small Business and Entrepreneur Committee on Thursday 3/7. While the region’s unemployment rate has remained around 3% (considered nearly full employment by economists), companies struggle to hire talent and are concerned about how Amazon moving into the […]
March 7, 2019

Major Change in Store for Small Business Size Calculation

Historically, contractors were required to use the average of their last three completed fiscal years to determine if they qualify as a small business, under either the “annual revenue” or “number of employees” thresholds. Per the Small Business Runway Extension Act of 2018 (the Act), which was signed by President Trump on December 17, 2018, the […]

Small Business Milestone: Federal Government Awards More Than $100B in Contracts to Small Businesses in 2017

The Small Business Administration (SBA) announced in May 2018 that federal agencies exceeded their mandatory goal of awarding 23% of their contracts to qualified small businesses for the fifth year in a row. In the fiscal year 2017, agencies awarded 23.88% in federal contract dollars to small businesses. While this is a slight drop from […]

Section 1202—A Powerful Tool: C-Corporation Shareholders Limit Tax Liability

Getting familiar with section 1202 also known as the qualified small business stock is a powerful tool for those looking for tax relief. If you are an established high tech company doing business with the government or private industry, your business may have progressed from being a small one or two person cash basis S […]

Disaster Response Registry, Relaxed Procurement Thresholds Facilitate Hurricane Relief Response

The General Services Administration (GSA) has taken an important step when it comes to disaster response, making it easier for contracting officers to provide aid to victims of Hurricanes Harvey and Irma. GSA Senior Procurement Executive (SPE), Jeff Koses, recently issued memoranda for all GSA contracting activities invoking the emergency acquisition flexibilities granted under Federal […]

4 Reasons Why You Should Have a Shareholders Agreement in Place

Before cutting the ceremonial grand opening ribbon of your new business, it is essential for you and your business partners to have a shareholders agreement in place. A shareholders’ agreement defines the nature of the relationship among the owners of the company and detail each individual’s role. While most owners do not think about the […]

Internal Controls Create Internal Benefits

Internal controls are extremely important because they provide a level of assurance that the financial statements have not been misstated to outside users. Many people believe that the implementation of internal controls is only beneficial to those outside the firm. However, if implemented correctly, internal controls can provide the internal benefit of increased operational efficiency […]

Small Business Recertification, Sick Leave, Wage Determinations Among Coming GSA Schedule Changes

As part of the regulatory updates to Multiple Award Schedule (MAS) contracts, General Services Administration (GSA) announced in an Interact blog post on March 9, 2017, that contracting officers may require contractors re-representing their size status from small to large to submit a subcontracting plan after the re-certification. A number of other impactful changes will […]

What is the Value of Your Small Business and Why is it Important?

Understanding the value of a small business is critical for owners. Yet many business owners consider value simply from a balance sheet perspective, assuming the reported level of net assets approximates the value of the business. While the reported net assets could be a meaningful value proxy for certain businesses in certain situations, more often than […]