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 a nd the creditors can hold the owner liable for debts the business has acquired except fo r 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 pro...
