Current through Register Vol. 49, No. 13, September 23, 2024
Subpart 1.
Eligible businesses.
The following businesses are eligible for participation in
the socially and economically disadvantaged , economically disadvantaged area,
or veteran-owned small business program: manufacturer, manufacturer's
representative, dealer, jobber, distributor, contractor, and businesses engaged
in a joint venture.
Subp. 2.
Ineligible businesses.
The following businesses are not eligible for participation
in the socially and economically disadvantaged , economically disadvantaged
area, or veteran-owned small business program: brokers, third-party lessors,
and franchises.
Subp. 3. [Repealed, 42 SR 543]
Subp. 4.
Definitions.
For purposes of parts
1230.1600 to
1230.1910, the following
definitions apply.
A. "Assets" mean
all the property of a person available for paying debts or for distribution,
including the person's respective share of jointly held assets. This includes,
but is not limited to, cash on hand and in banks, savings accounts, individual
retirement accounts or other retirement accounts, accounts receivable, life
insurance, stocks and bonds, real estate, and personal property.
B. "Contingent liability" means a liability
that depends on the occurrences of a future and uncertain event. This includes,
but is not limited to, guaranty for debts owed by the applicant business, legal
claims and judgments, and provisions for federal income tax.
C. "Immediate family member" means father,
mother, husband, wife, son, daughter, brother, sister, grandfather,
grandmother, father-in-law, mother-in-law, sister-in-law, brother-in-law, and
domestic partner and civil unions recognized under Minnesota law.
D. "Liabilities" mean financial or pecuniary
obligations. This includes, but is not limited to, accounts payable, notes
payable to a bank or others, installment accounts, mortgages on real estate,
and unpaid taxes.
E. "Minnesota
small business procurement program" or "program" refers to the programs
described in parts 1230.1400 to
1230.1910.
F. "Personal net worth" means the net value
of the assets of an individual remaining after total liabilities are deducted.
An individual's personal net worth does not include the individual's ownership
interest in an applicant or participating socially and economically
disadvantaged or economically disadvantaged area small business or the
individual's equity in the individual's primary place of residence. An
individual's personal net worth includes only the individual's share of assets
held jointly or as community property with the individual's spouse.
G. "Primary industry classification" means
the most current NAICS designation as specified in the United States North
American Industry Classification System Manual that best describes the primary
enterprise of a business.
H.
"Spouse" means a married person, including a person in a domestic partnership
or a civil union recognized under Minnesota law.
