8(a) firms are small businesses that are owned and controlled by socially and economically disadvantaged individuals.
The Business Development Program (8)a is managed and administered by the SBA, or Small Business Administration, with the aim of giving an advantage to specially selected small businesses.
The 8(a) program helps start-up entrepreneurs secure government contracts and also includes mentorship, procurement assistance, training, financial assistance, management assistance, and technical assistance, among other benefits.
Applicants go through a rigorous application process for 8(a) status. 8(a) the status is valid for up to nine years from the date of its granting.
Choice 83(b) is an Internal Revenue Code (IRC) provision that gives an employee or startup founder the ability to pay taxes on the total fair market value of the restricted shares at the time of grant.