By: Eric Whytsell
Starting a business is not for the faint of heart.
Establishing and operating a startup always entails careful consideration of a wide variety of legal and practical issues. Success or failure can depend on the choice of entity, agreed-upon buy-out provisions, the selection of teammates and suppliers or any of a multitude of other key decisions.
When a firm’s business plan includes the pursuit of federal small business set-aside contracts, however, its owners must also consider compliance issues that do not apply to other businesses.
In addition to standard government procurement rules (which can pose their own challenges), businesses that want to win federal set-aside contracts must comply with special rules in order to establish their eligibility for such awards. The specific requirements that ap-ply vary depending on the particular type of small business contemplated (e.g. woman-owned small business; service-disabled veteran-owned small business, 8(a) small disadvantaged business).