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