Do small businesses need a NAICS code?

NAICS codes are used for many purposes, but one of the most important is that the Small Business Administration uses them to set size standards for particular businesses to be considered “small” in order to qualify for various small business-related programs.

What is the threshold for small business?

Meet size standards The SBA assigns a size standard to each NAICS code. Most manufacturing companies with 500 employees or fewer, and most non-manufacturing businesses with average annual receipts under $7.5 million, will qualify as a small business.

What is the small business size standard for NAICS 541330?

NAICS 541310 (Architectural Services) from $8 million to $11 million. NAICS 541330 (Engineering Services) from $16.5 million to $22.5 million.

How do I determine my NAICS code?

To identify the NAICS Code being used for a specific company, visit the US Company Lookup Tool by NAICS.com. To identify the proper code for your company, use the NAICS SEARCH TOOLS to identify the code that best reflects your primary business activity (revenue producing activity.)

Do I need a NAICS code?

No, and you may not be required to have such a code. However, if you are a government contractor, you will be assigned a code automatically since the government will classify your business for the purpose of data analytics. But not every private company absolutely needs a NAICS code.

How many employees define a small business?

1,500 employees
The answer varies by industry, but a small business is one that has fewer than 1,500 employees and a maximum of $38.5 million in average annual receipts, according to the SBA.

What determines a small business size standard?

What is a small business size standard? A size standard, which is usually stated in number of employees or average annual receipts, represents the largest size that a business (including its subsidiaries and affiliates) may be to remain classified as a small business for SBA and federal contracting programs.

How do you classify the size of a business?

Small-sized business: annual revenue of less than $38.5 million and no more than 1,500 employees. Medium-sized businesses: annual revenues between $38.5 million and $1 billion and 1,500 to 2,000 employees. Large-sized business: over $1 billion in revenue and over 2,000 employees.

How do I find my NAICS code for my business?