When you are starting up a business there are so many things to do and planning is essential. Much of what determines whether a business will succeed or fail will rest heavily on the planning stage.
If you are even considering the possibility of getting certified, it is important to consider its ownership if there is more than one person. Business certifications are generally for small businesses that are owned and managed by at least 51% socially disadvantaged individuals so setting up the LLC; corporation; or partnership is very important.
What is “Socially Disadvantaged”?
This is a term describes individuals that have been subjected to racial or ethnic prejudice or cultural bias within American society because of their identities as members of groups and without regard to their individual qualities. Social disadvantage must stem from circumstance beyond their control. (see 13 CFR 124.103(c) and 124.104)
Any certifying agency is going to ask for documentation and proof of how the socially disadvantaged individual(s) are managing the day-to-day operations of the business. Without it, the business may have a hard time getting certified.
These documents may include;
o A bank signature card or letter showing that the socially disadvantaged person
o Has the socially disadvantaged individual signed for loans
o Proof of Capital Investment
o A W2 showing that the socially disadvantaged person is the highest paid person in the organization.
Getting a business certification can open doors to federal, state and private contracts as well as help you market your business. But if you aren’t sure if your business is quite ready for the process, our Pre-Certification program can help your business get prepared so you are set up for success even after you get certified!
Many businesses are unprepared for the growth AFTER getting a business certification. Without a solid business foundation, staffing, accounting system, or operational process in place, your business may not be able to handle it whereby hurting your reputation.
We customize this service specifically to meet your unique business needs. We focus on your business goals and provide you with a road-map to get you there. Why not reach out today so we can help. Please contact us at firstname.lastname@example.org or give us a call at 833-217-9667.