Business Code

Harriet Chan on

Belong two clubs with different accounting software.- Bivio
and Iclub and noted

one uses business code 523910 and another is 525990. What
is the correct code for investment club?

Harriet Chan

ira smilovitz on

In reality, it doesn't matter, since the only use for the business code is to aggregate economic statistics by similar business type.

However, here are the definitions of the two NAICS codes: (source; www.census.gov/eos/www/naics)

523910 Miscellaneous Intermediation

This industry comprises establishments primarily engaged in acting as principals (except investment bankers, securities dealers, and commodity contracts dealers) in buying or selling of financial contracts generally on a spread basis. Principals are investors that buy or sell for their own account.

Illustrative Examples:

Investment clubs
Tax liens dealing (i.e., acting as a principal in dealing tax liens to investors)
Mineral royalties or leases dealing (i.e., acting as a principal in dealing royalties or leases to investors)
Venture capital companies

525990 Other Financial Vehicles

This industry comprises legal entities (i.e., funds (except insurance and employee benefit funds; open-end investment funds; trusts, estates, and agency accounts)). Included in this industry are mortgage Real Estate Investment Trusts (REITs).

Illustrative Examples:

Closed-end investment funds
Special purpose vehicles
Collateralized Mortgage Obligations (CMOs)
Unit investment trust funds
Face-amount certificate funds
Mortgage real estate investment trusts (REITs)
Real Estate Mortgage Investment Conduits (REMICs)

Ira Smilovitz

On Tue, Mar 11, 2014 at 7:38 AM, Harriet Chan <skcots@yahoo.com> wrote:

Belong two clubs with different accounting software.- Bivio
and Iclub and noted

one uses business code 523910 and another is 525990. What
is the correct code for investment club?

Harriet Chan

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