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What is Standard Industrial Classification mean?
The Standard Industrial Classification (SIC) is a system for classifying industries by a four-digit code. Established in the United States in 1937, it is used by government agencies to classify industry areas. The SIC system is also used by agencies in other countries, e.g., by the United Kingdom's Companies House.
In the United States, the SIC code has been replaced by the North American Industry Classification System (NAICS code), which was released in 1997. Some U.S. government departments and agencies, such as the U.S. Securities and Exchange Commission (SEC), continued to use SIC codes through at least 2019.
The SIC code for an establishment, that is, a workplace with a U.S. address, was determined by the industry appropriate for the overall largest product lines of the company or organization of which the establishment was a part. The later NAICS classification system has a different concept, assigning establishments into categories based on each one's output.
referencePosted on 19 Oct 2024, this text provides information on Miscellaneous in Business related to Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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