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NOTICE OF INTENT
Department of Economic Development
Office of the Secretary
Office of Business Development
Small and Emerging Business Development Program (LAC 19:II.105-115)
In accordance with R.S. 49:950 et seq., the Administrative Procedure Act, the Department of Economic Development, Office of Business Development, hereby proposes to amend its existing rules and regulations relative to its Small and Emerging Business Development Program, and to adopt the following amended rules and regulations relative to the Small and Emerging Business Development Program. The intended action complies with the statutory law administered by the agency, as authorized by R.S. 51:941 et seq.
The department proposes to amend §§105 through 115 of Chapter 1. The proposed amendments change the definition of a small and emerging business by changing the percentage ownership and net worth requirements; provide that an application must be submitted on-line through the department's website; and increases the duration of certification from 7 to 10 years.
Title 19
CORPORATIONS AND BUSINESS
Part II. Small and Emerging Business Development
Program
Chapter 1. General Provisions
§105. Definitions
A. When used in these regulations, the following terms shall have meanings as set forth below.
* * *
Full-Time-working in the firm at least 20 hours per week.
* * *
Small and Emerging Business (SEB)?a small business organized for profit and performing a commercially useful function which is at least 51 percent owned and controlled by one or more small and emerging business persons and which has its principal place of business in Louisiana. A nonprofit organization is not a small and emerging business for purposes of this Chapter.
* * *
AUTHORITY NOTE: Promulgated in accordance with R.S. 51:942.
HISTORICAL NOTE: Promulgated by the Department of Economic Development, Office of the Secretary, Division of Economically Disadvantaged Business Development, LR 23:50 (January 1997), amended LR 24:430 (March 1998), amended by the Department of Economic Development, Office of Business Development, LR 29:542 (April 2003), LR 30:753 (April 2004), LR 33:
§107. Eligibility Requirements for Certification
A. …
B. - B.2. …
3. Net Worth. The person's net worth may not exceed $400,000. The market value of the individual owner's personal residence, 401K, IRA, and other legal retirement funds will be excluded from the net worth calculation.
C. Small and Emerging Business
1. Ownership and Control. At least 51 percent of the company must be owned and controlled by one or more small and emerging business persons.
2. - 3. ...
4. Business Net Worth. The business' net worth at the time of application may not exceed
$1,500,000.
5. Full Time. Managing owners who claim small and emerging business person status must work a minimum of 20 hours per week in the applicant firm.
6. Job Creation. An applicant firm anticipates creating new full-time jobs.
D. Requirement for Certification. Must have an e-mail address and appropriately complete the on-line application located at www.ledsmallbiz.com.
AUTHORITY NOTE: Promulgated in accordance with R.S.51:942.
HISTORICAL NOTE: Promulgated by the Department of Economic Development, Office of the Secretary, Division of
Economically Disadvantaged Business Development, LR 23:50 (January 1997), amended LR 24:430 (March 1998), LR 25:1084 (June 1999), LR 26:1572 (August 2000), amended by the Department of Economic Development, Office of Business Development, LR 29:542 (April 2003), LR 30:754 (April 2004), LR 33:
§109. Control and Management
A. …
1. The small and emerging business person(s) upon whom eligibility is based shall control the<
Published: 08/30/2007
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