Empowering your Woman-Owned Business with a Certified Registration

by Rena McDonald

 

If you are a woman and you own a business, having a women business owner designation has many advantages. Most public corporations, as well as local, state, and federal government purchasing agencies, have programs for allotting a certain percentage of business to women-owned companies. Becoming certified as a Women-Owned Small Business (WOSB) can make the difference between landing that contract or not. However, the certification process is not without its challenges, and often times owners get discouraged during the process because they lack the proper guidance or misunderstand how the process works. 

 

According to the latest State of Women-Owned Businesses report, Las Vegas is home to 75,600 women-owned businesses, but a Small Business Administration database search shows only about 270 businesses have initiated the process necessary to compete for federal contracts specifically set aside for certified women-owned small businesses. Nevada women who own small businesses are missing out on millions of federal dollars, data show. This is where we can help. 

 

First, you need to know if your business qualifies for WOSB status. An essential requirement for achieving certification is majority control. That means a woman must own at least 51% of the business to qualify for certification. However, ownership is just a part of the equation. A woman must also hold the highest position at the company, be active in daily management, and the strategic direction of the company. Proof of establishing a woman is truly at the helm of the ship can be frustrating and halted with any misstep, so hiring an attorney can help alleviate the stress and better ensure a timely approval.

 

In addition to being a majority owner, a woman must also be a U.S. citizen, and it is recommended that she be in business for at least six months. If you meet these three main requirements as a business owner, we can begin the process of putting together your application. Please call the office to schedule an appointment to address any concerns and begin the process. 702-448-4962

 

This article is for informational purposes only and does not constitute legal advice or establish an attorney-client privilege.