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> Legally, there is no such a thing as a "business". The US Internal Revenue Service would probably disagree with you there. If I didn't file Schedule C ("Prof
by nknight 15y ago
> Legally, there is no such a thing as a "business".
The US Internal Revenue Service would probably disagree with you there. If I didn't file Schedule C ("Profit or Loss From Business") every year, I'd be in prison.
> Is an HFT proprietary trading firm, trading its own money on an anonymous exchange, with no customers or clients, not a business?
An HFT with no "customers" is simply an agent of its owners. The only sense in which you could call it a business is that it happens to have the form of an incorporated entity, which many businesses also happen to have the form of. A is part of B, C is part of B, does that mean all As are Cs?
You've latched on to one of the bizarre artifacts of the modern American legal system, not a fundamental principle of business.
- beagle3 15y ago> If I didn't file Schedule C ("Profit or Loss From Business") every year, I'd be in prison. I wasn't aware of that; In that case, there is at least one legal definition of business with a lot of merit behind it (gun wielding people will put you in prison if you fall under it but do not file schedule C). And whatever the IRS regulations for Schedule C define as a business, is a business. > An HFT with no "customers" is simply an agent of its owners. Aren't all businesses? Isn't the defining property of business is doing transactions? (of whatever kind). Can you summarize what the requirement for Schedule C filing is? > You've latched on to one of the bizarre artifacts of the modern American legal system, not a fundamental principle of business. Where are the fundamental principles detailed? I agree the vast majority of businesses have customers, but I don't think it's a defining property -- there are a lot of people with customers who do not consider themselves having a "business" (Although the IRS might think otherwise)