Small businesses are the backbone of our economy, providing jobs and driving growth. They are the most important type of business in the United Kingdom, with an estimated 5 million businesses having fewer than 50 employees each. The term "small business" refers to a company that has fewer than 250 employees, however, this definition is broad and encompasses a diverse range of businesses from one-person operations to those with hundreds of employees, from home-based businesses to those with offices or industrial spaces. Small businesses are also family-owned or operated, but some larger ones may be owned by shareholders who live all over the world. They are an integral part of the economy and play a vital role in driving economic growth and prosperity.
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