What is Business?
Business is making money by producing, buying and selling goods and services. Any enterprise entered for profit is a business.
Business Structure and Taxation
A business structure does not allow corporate tax rates. The proprietor is taxed on all income. Corporations, unlike proprietors and partnerships, are separate legal entities with limited liability and corporate tax rates.
Business Ownership and Operation
Businesses owned by multiple individuals may incorporate or partner. Every enterprise requires investment and customers to profit consistently. Businesses can be private, non-profit or state-owned.
An entity operating commercially or professionally is often called a business. Starting a business begins with an idea and a name. Extensive research determines if the idea is feasible. Formal business plans often precede operations and help obtain capital. Determining the structure is important since owners may need permits, licenses and registrations.
Exchanging goods or services intending profit is business. Meeting customer demands and generating profit is the main purpose. Production, distribution and trading to satisfy needs and earn income is business.
Having a business name does not separate the business from the owner who is responsible for debts. Countries have different laws ascribing rights to entities.