Some fascinating discussion this morning on +Up with Chris Hayes about small businesses and specifically "what is a small business?" You may have caught Obama's line during the debate the other night about Donald Trump being a small business. 

Most of us think of the local restaurants, dry cleaners and countless other independently owned and operated companies as small businesses However, it turns out that under the rules that Mitt Romney references when he says 97% of companies are small businesses, that actually includes the likes of Trump.

Companies with less than 500 employees are small businesses even if they are nothing more than S-Corporations or holding companies that exist solely for the purpose of avoiding certain types of taxes. These holding companies often have only a handful of employees to do little more than own a much larger enterprise and there are sometimes multiple levels of these holding enterprises each of which counts as a "small" business. 

While Romney's policies may very well benefit all of these small companies, they are unlikely to actually generate any jobs in the process.

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