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Products: Business Is The Activity of Making One's Living or Making Money by Producing or Buying and

Business refers to any activity or enterprise entered into for profit, ranging from a street peddler to a large corporation. Having a business name does not legally separate the business from its owner, meaning the owner is personally responsible for any debts incurred by the business. An unincorporated business is not considered a separate legal entity and does not offer liability protection or corporate tax rates for the owner. In contrast, a company structure provides legal separation between ownership and operations, limited liability for owners, and corporate tax treatment.

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44 views1 page

Products: Business Is The Activity of Making One's Living or Making Money by Producing or Buying and

Business refers to any activity or enterprise entered into for profit, ranging from a street peddler to a large corporation. Having a business name does not legally separate the business from its owner, meaning the owner is personally responsible for any debts incurred by the business. An unincorporated business is not considered a separate legal entity and does not offer liability protection or corporate tax rates for the owner. In contrast, a company structure provides legal separation between ownership and operations, limited liability for owners, and corporate tax treatment.

Uploaded by

Nishanthan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Business is the activity of making one's living or making money by producing or buying and

selling products (such as goods and services).[1][2][need quotation to verify][3][4] Simply put, it is "any activity or


enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or
have any such formal organization, but it can range from a street peddler to General Motors."[5]
Having a business name does not separate the business entity from the owner, which means that
the owner of the business is responsible and liable for debts incurred by the business. If the business
acquires debts, the creditors can go after the owner's personal possessions. A business structure
does not allow for corporate tax rates. The proprietor is personally taxed on all income from the
business.
The term is also often used colloquially (but not by lawyers or by public officials) to refer to
a company. A company, on the other hand, is a separate legal entity and provides for limited liability,
as well as corporate tax rates. A company structure is more complicated and expensive to set up, but
offers more protection and benefits for the owner.

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