The "Sharing" Economy: Issues Facing Platforms, Participants, and Regulators A Federal Trade Commission Workshop
The concept of the sharing economy appeals to anyone needing an income or struggling with making ends meet. It also speaks to those who have a hard time with authority or the "establishment" , it says "I can do this and no one will find out". The "shared economy", is not about small mom and pop businesses trying to stay in their homes. It has become an opportunity for individuals to operate medium to large hospitality properties without the intervention of zoning laws, fire safety standards, and public safety measures. They have neither collected or paid appropriate taxes and licensing standards. Many businesses start out by just creating a product and getting someone to purchase the product. They probably don't start out thinking of how their product will legally fit into the structure of business. That part just evolves. The question I have is why has it taken 8 years for the FTC to recognize the dangers, the lack of regulation and the lack of involvement in identifying the lost revenue, safety conditions and fairness in these businesses to cause so much damage to legally, licensed, insured and inspected businesses. What procedures will be put in place thru the IRS to identify new revenue streams? Who is watching the store?