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If they aren't actually subdomains AND don't have their own analytics code then yes, it would effect the bounce rate.
Do you mean that because they don't have an analytics code, the traffic going there from a business page would look like a bounce when it really isn't?I didn't want to edit or double post earlier but this was bugging me to clarify the way I worded that.
[edited by: tedster at 5:59 pm (utc) on Jun 22, 2012]
[edited by: tedster at 4:51 pm (utc) on Jun 22, 2012]
[edited by: tedster at 4:52 pm (utc) on Jun 22, 2012]
[edited by: Str82u at 5:13 pm (utc) on Jun 22, 2012]