Industry Classification
/ˈɪndʌstri ˌklæsɪfɪˈkeɪʃən/
Definitions
- (n.) A system or method of categorizing businesses into sectors and subsectors based on their primary economic activities, used for regulatory, taxation, and statistical purposes.
The regulatory agency requires firms to report their industry classification when filing compliance documents.
Forms
- industry classification
Related terms
See also
Commentary
Industry classification systems often align with standards like NAICS or SIC and are essential in legal contexts for compliance and reporting.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.