Business is the activity of making one’s living or making money by producing or buying and selling products . 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.”
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.
A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates.
