Applying for certification as a minority or women-owned business enterprise takes a lot of work....and paperwork. If your business is looking to obtain government contracts, becoming certified as a women or minority-owned business can give you a leg up.
What kinds of documents might you need?
1) Be prepared to share financials. Many people are uncomfortable with this, but be prepared to show several years of business tax returns and financial statements for the business.
2) You must show information related to ownership and control of this business. This means a proper certificate of organization and other formation documents and a proper Operating Agreement showing that the business is owned and managed by at least 51% women or minority. If you don't have a proper Operating Agreement in place, this is going to be a huge problem for your certification.
3) Detailed information on employees, management and capital contributions to the business. If you haven't been documenting these things, it's time to get time together asap.
We can help get your legal documents together for certification, such as the formation documents and Operating Agreement. To schedule a call to discuss how we can help, click here.
Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way.