I’m not a natural business owner, just doing it by necessity.
Tried a couple of businesses in my early 20s, didn’t do so great. But learned a lot.
Starting Affordable Trapping was a big learning curve. I thought i knew a lot but knew less than I thought.
Along the way, discovered:
a) How the IRS defines things _is_ the defacto truth. Scratch that: THE defacto truth.
b) If a pundit or politician says anything contrary to the IRS, see a. a is right.
So, a small business is 50 or 100 employees and up to 500 at which point it’s a medium biz.
So what’s 50 and under? Also a small business?
No, it’s not. It’s a Micro business. But even the IRS mixes up those terms in places.
But once you know what kind of business you’re in, you can learn what does and does not apply to you. It’s actually fascinating in its own way.