Business owned and operated by a veteran with a service-connected disability means a business: 1. Of which at least 51 percent of the ownership interest is held by one or more veterans with service-connected disabilities; 2. That is organized to engage in commercial transactions; and 3. That is managed and operated on a day-to-day basis by one or more veterans with service-connected disabilities. The term includes a business which meets the above requirements that is transferred to the spouse of a veteran with a service-connected disability upon the death of the veteran, as determined by the United States Department of Veterans Affairs.
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