Business

Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services).^[1]^[2]^[3]^[4] It is also "any activity or enterprise entered into for profit."^[5]

A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company.^[6] The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably.

Corporations are distinct from sole proprietors and partnerships. Corporations are separate and unique legal entities from their shareholders; as such they provide limited liability for their owners and members. Corporations are subject to corporate tax rates. Corporations are also more complicated, expensive to set up, along with the mandatory reporting of quarterly or annual financial information to the national (or state) securities commissions or company registers, but offer more protection and benefits for the owners and shareholders.^[6]

Individuals who are not working for a government agency (public sector) or for a mission-driven charity (nonprofit sector), are almost always working in the private sector, meaning they are employed by a business (formal or informal), whose primary goal is to generate profit, through the creation and capture of economic value above cost. In almost all countries, most individuals are employed by businesses (based on the minority percentage of public sector employees, relative to the total workforce).

^ American Heritage Dictionary. Archived from the original on March 31, 2019. business [:] 1. The activity of buying and selling commodities, products, or services.
^ Longman Business English Dictionary (2nd ed.). Pearson Longman. 2007. ISBN 9781405852593. OCLC 954137383.
^ Longman Dictionary of Contemporary English. Archived from the original on July 9, 2019. business [:] 1 [...] the activity of making money by producing or buying and selling goods, or providing services.
^ Oxford Living Dictionaries. Archived from the original on May 1, 2019. business [:] 2 The practice of making one's living by engaging in commerce.
^ Burton, William (2007). Burton's Legal Thesaurus (4th ed.). McGraw-Hill Education. p. 68. ISBN 9780071472623. OCLC 70864526.
^ ^a ^b "Choose a business structure | U.S. Small Business Administration". www.sba.gov. Retrieved 2024-11-01.

[1] American Heritage Dictionary. Archived from the original on March 31, 2019. business [:] 1. The activity of buying and selling commodities, products, or services.

[2] Longman Business English Dictionary (2nd ed.). Pearson Longman. 2007. ISBN 9781405852593. OCLC 954137383.

[3] Longman Dictionary of Contemporary English. Archived from the original on July 9, 2019. business [:] 1 [...] the activity of making money by producing or buying and selling goods, or providing services.

[4] Oxford Living Dictionaries. Archived from the original on May 1, 2019. business [:] 2 The practice of making one's living by engaging in commerce.

[5] Burton, William (2007). Burton's Legal Thesaurus (4th ed.). McGraw-Hill Education. p. 68. ISBN 9780071472623. OCLC 70864526.

[:3-6] "Choose a business structure | U.S. Small Business Administration". www.sba.gov. Retrieved 2024-11-01.

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