Non-professional status for investment partnership?

A broker may ask for whether you are considered a "non-professional subscriber" and charges higher fees if you do not qualify.

For example it asks if you are:
a) registered with the SEC or other market commissions,
b) engaged as an "investment advisor" defined by Section 201(11) of the Investment Advisor's Act of 1940, or
c) employed by an organization that is exempt from registration to perform functions that would require you to be registered if you worked for an organization not so exempt.

If you are opening an account for a private investment partnership, would any of these conditions apply? I would argue no, if the partnership is not registered with the SEC, and not engaged in advising outsiders about investments, and not employed by other companies.

I noticed that the broker specifies that a nonprofessional subscriber has to be a natural person which excludes companies and partnerships.

Investment partnerships and any other corporate entity is typically considered a professional subscriber for the purposes of that question. The SEC registration doesn't apply to hedge funds and other partnerships and is designed to register mutual funds, separate accounts, and other registered entities.

You would likely have to pay the professional subscriber rates for the data.

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