Businesses that qualify as minority-owned or woman-owned may be able to secure financing and contracts that they would not otherwise be able to access. Elizabeth Lewis responds to the question whether a business owner can give majority ownership to another, often a spouse, in order to qualify as one of these types of businesses. Lewis provides some of the significant factors that can make this a perfectly legal strategic maneuver, but warns that not only can it be illegal if not legitimate, but it can have negative consequences for the business in the future. Business owners must expect the worst when making an important decision, especially having to do with majority ownership of their business.
- Summary by FizzLaw Team
Read the Article at:
Getting qualified as a minority or woman owned business