A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. The legal definition of “small” often varies by country and industry, but is generally under 100 employees in the United States and under 50 employees in the European Union. In comparison, the definition of mid-sized business by the number of employees is generally under 500 in the U.S. and 250 for the European Union. In Australia, a small business is defined as 1-19 employees and a medium business as 20-200 employees. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships.