March 18, 1999
Small Business as an economic force
A new report form the state Department of Taxation and Finance shows that 99 percent of all businesses in the state employ fewer than 100 persons and thus are classified as small businesses.
The Small Business Report, based on 1995 tax filings by businesses and corporations, showed that New York State's 1,050,000 small businesses account for 50 percent of the state's total employment and nearly half of all business receipts.
The study also showed that:
- Nearly 90 percent of small businesses employ fewer than 10 employees, and over one-half employ five or fewer.
- Some 47 percent of small businesses, including most farms, are sole proprietors.