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Business is the activity of making a living or making money by making or buying and selling goods or services. It is also “any activity or business that is done to make money.”
Even though a work has a name, the owner is still the business. This means that the owner of the work is responsible and liable for the work’s debts. If the work gets into debt, the creditors can try to take the owner’s personal belongings. Corporate tax rates are not possible with the way a business is set up. All of the income from the business is taxed to the owner.
The term is also often used informally to refer to a company, like a corporation or cooperative, but not by lawyers or public officials.
In contrast to sole proprietorships and partnerships, corporations are their own legal entities with limited liability for their owners or members. They also pay taxes at a different rate than sole proprietorships and partnerships. A corporation is harder to run and costs more money. Set up, but it gives the owners and members more protection and benefits.