Which of the following is NOT a requirement for a business to be classified as a small business?

To classify a business as a small business, there are specific criteria established by the Small Business Administration (SBA) and other entities. Among these, being independently owned and managed, having fewer than a certain number of employees, and being for-profit are standard requirements.

The criterion that a small business must have a "significant impact on society" does not fit within the typical definitions used for small businesses. Small businesses can vary widely in their social impact, and not all small businesses are expected to have a significant effect on society. Therefore, while a small business might contribute positively to its community or industry, there is no requirement for such an impact to categorize it as a small business. Hence, this choice stands out as the correct choice for being the aspect that is not a standard requirement for classification as a small business.