The United States Government has created a range of benefits for veterans who wish to start their own business. These benefits apply to both veterans in general, as well as veterans who are disabled in the line of duty (“Service-Disabled Veterans”).
Veterans and Service-Disabled Veterans who own businesses often find it advantageous to get certified as a veteran-owned business, particularly if they are interested in securing government contracts. To become certified as a veteran-owned business, at least 51% of the business must be Veteran or Service-Disabled Veteran owned, and such person or people must also manage and run the day-to-day operations of the business.
In order to become verified there are a number of steps one must go through, which are outlined at www.VetBiz.gov. The website provides a very helpful “Verification Self-Assessment Tool” to ensure the company’s business model fits the requirements.
However, there is an extremely high percentage of applications that are denied due to a number of factors including incorrect corporate structure and a general misunderstanding of the requirements to be a veteran-owned business. While there is no guaranty that a company will pass verification, the odds increase significantly if there is sufficient preparation. For more information in connection with verification of a veteran-owned or service disabled veteran owned business or any other corporate law related issues, please contact the VC Law Group at info@thevclawgroup.com or 858.519.7333.