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Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). 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. 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. A company, on the other hand, is a separate legal entity and provides for limited liability, as well as corporate tax rates. A company structure is more complicated and expensive to set up, but offers more protection and benefits for the owner.

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  2. kateclements

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  3. H

    NSW Real Estate Rental insurance business idea

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  4. oscarveld

    Liability for business connecting people to do odd-jobs.

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  5. R

    VIC Prospa business loan guarantor

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  6. A

    NSW Can’t pay out business partner due to Covid-19

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  7. M

    QLD Asbestos Boundary Fence between Business and Residence

    A boundary fence at the back of the neighbour's property turns out to be asbestos. They are a business and they were served with a WHS infringement for no Asbestos Management Plan. They approached us to share in the cost of tearing down the fence and erecting a new one. We aren't sure that...
  8. F

    SA Selling of business, not the business name

    Is it possible to sell a business but not the business name? the business has a physical location. thanks.
  9. A

    VIC criminal or civil offence

    I have done alot of investigating over the last year to try and find the truth. This incident happened in 2014, Vic. I now feel this may be a criminal matter but not sure if this maybe a civil matter. I have hospital records that my older sister stated to hospital staff that she held an...
  10. M

    TAS Another business copying product

    I have a business selling handmade designer dog accessories. I’m best known for velvet products and in particular velvet bow ties. A previous customer has recently started her own business with her own velvet bow ties. These products look identical to mine and some are even using the same “name”...