Current as of January 01, 2020 | Updated by FindLaw Staff
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1. To be eligible for certification as a local emerging small business, a business must:
(a) Be in existence, operational and operated for a profit;
(b) Maintain its principal place of business in this State;
(c) Be in compliance with all applicable licensing and registration requirements in this State;
(d) Not be a subsidiary or parent company belonging to a group of firms that are owned or controlled by the same persons if, in the aggregate, the group of firms does not qualify pursuant to subsection 2 or 3 for designation as a tier 1 firm or a tier 2 firm; and
(e) Qualify pursuant to subsection 2 or 3 for designation as a tier 1 firm or a tier 2 firm.
2. To be designated a tier 1 firm, a business must not employ more than 20 full-time or full-time equivalent employees and:
(a) If the business is involved in providing construction services, the average annual gross receipts for the business must not exceed $1.7 million for the 3 years immediately preceding the date of application for certification as a local emerging small business; or
(b) If the business is involved in the sale of goods or in providing services other than construction services, the average annual gross receipts for the business must not exceed $700,000 for the 3 years immediately preceding the date of application for certification as a local emerging small business.
3. To be designated a tier 2 firm, a business must not employ more than 30 full-time or full-time equivalent employees and:
(a) If the business is involved in providing construction services, the average annual gross receipts for the business must not exceed $3.5 million for the 3 years immediately preceding the date of application for certification as a local emerging small business; or
(b) If the business is involved in the sale of goods or in providing services other than construction services, the average annual gross receipts for the business must not exceed $1.3 million for the 3 years immediately preceding the date of application for certification as a local emerging small business.
4. In determining if a business qualifies for a designation as a tier 1 firm or a tier 2 firm pursuant to subsection 2 or 3, the Office shall use the criteria set forth in NRS 231.14052 to determine whether an employee is a full-time equivalent employee for the purposes of such a designation.
Cite this article: FindLaw.com - Nevada Revised Statutes Title 18. State Executive Department § 231.1405. Eligibility for certification: General requirements - last updated January 01, 2020 | https://codes.findlaw.com/nv/title-18-state-executive-department/nv-rev-st-231-1405.html
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