Business

An organization or enterprising entity engaging in commercial, industrial, or professional activity is referred to as a business. A business's goal is to coordinate some form of economic production (of goods or services). Businesses can be for-profit corporations or nonprofit institutions advancing a social cause or with a charity aim. Businesses varies in size and scope from small, local enterprises to enormous, global conglomerates. A person's efforts and operations to produce and sell goods and services for profit are also referred to as 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). It is also "any activity or enterprise entered into for profit." Having a business name does no

t 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, such as a corporation or cooperative.

Corporations, in contrast with sole proprietors and partnerships, are a separate legal entity and provide limited liability for their owners/members, as well as being subject to corporate tax rates. A corporation is more complicated and expensive to set up, but offers more protection and benefits for the owners/members.