Glossary

• Business License – Owners of businesses within Richmond city limits are required to obtain a Richmond business license annually. The business license identifies the business and serves as base for imposing business taxes. New businesses in the city must obtain a license within 30 days of the date of opening.

• Certification – Formal procedure by which an accredited or authorized person or agency assesses and verifies (and attests in writing by issuing a certificate) the attributes, characteristics, quality, qualification, or status of individuals or organizations, goods or services, procedures or processes, or events or situations, in accordance with established requirements or standard.

• Davis Bacon Act – United States federal law named after sponsors James Davis of Pennsylvania and Robert Bacon of New York that established a requirement for paying a minimum or prevailing wage on public works projects. For employees working on federal government construction contracts, there must be a provision for paying them the local prevailing wages and the benefits paid to employees on similar projects.

• Disadvantage Business Enterprise (DBE) – For-profit small business concerns where socially and economically disadvantaged individuals own at least a 51% interest and also control management and daily business operations. The DBE certification program is a Federal program. The purpose is to increase the participation of certified DBEs in projects funded by the U.S. Department of Transportation and other federal sectors.

• Emerging Small Business (ESB) Certification – Certification for businesses that are located in one of the City of Richmond's Enterprise Zones

• IRS Regulations - The IRS can help you understand and meet your tax responsibilities. 

• Employer Identification Number (EIN) – Also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN.

• Minority Business – A business at least 51% of which is owned and controlled or 51% minority-owned and operated by minority group members or, in case of a stock corporation, at least 51% of the stock is owned and controlled by minority group members as defined by the City of Richmond. Minority group members are citizens of the U.S. who are African-American, Hispanic-American, Asian-American and American Indian.

• Minority Business Development Registration – For businesses that would like to register their business as a minority firm with the City of Richmond

• Richmond Enterprise Zones – The City of Richmond offers a set of local Enterprise Zone incentives for qualified commercial and industrial users. These incentives compliment and expand on the State of Virginia's Enterprise Zone Program.

• State Corporation Commission (SCC) – Virginia (USA) regulatory agency whose authority encompasses utilities, insurance, state-chartered financial institutions, securities, retail franchising, and railroads. It is the state's central filing office for corporations, limited partnerships, limited liability companies and Uniform Commercial Code liens.

• Securities and Exchange Commission (SEC) – Federal Agency. The mission of the SEC is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC strives to promote a market environment that is worthy of the public's trust.

• Small, Women-owned, and Minority-owned Business (SWaM) Certification – Certification program of the Commonwealth of Virginia. The purpose is to enhance procurement opportunities for SWaM businesses participating in state-funded projects

• Title VI (42 U.S.C. § 2000d et seq.) - Law enacted as part of the landmark Civil Rights Act of 1964. It prohibits discrimination on the basis of race, color, and national origin in programs and activities receiving federal financial assistance.