Yes. Personal net worth refers to the net value of the assets of an individual remaining after total liabilities are deducted. It includes the individual’s share of assets held jointly or as community property with the individual’s spouse. It does not include the individual’s ownership interest in the business applying for certification, and does not include the equity in the individual’s primary place of residence.
In 2010, the personal net worth of the minority owner(s) could not exceed $1,504,585.00. As of January 1, 2011, a minority owner’s personal net worth now cannot exceed $1,530,652.00. A minority-owned business seeking to become certified as a minority business enterprise (MBE) in Maryland should use care when submitting its personal net worth statement as part of any application for certification.
Certification of a minority-owned business as an MBE can be a viable tool for developing and maintaining business relationships. A minority-owned business desiring certification as an MBE in Maryland may want to consider obtaining legal advice concerning eligibility requirements for MBE certification prior to applying for certification.