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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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    QLD How does indemnity protect committee members of an unincorporated association — namely the President, Secretary, and Treasurer?

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    My ex wife and I started a business together 6 years ago and We separated soon after. We have divorced and have had a property settlement 5 years ago. She was the sole director of the business however it uses my surname in the business title (a very unique uncommon name). She still owns and runs...
  3. M

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  4. P

    WA Cleaning business cost us more by not completing what we paid for

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  5. S

    Am I breaking copyright laws with my business?

    Hi, I have started a small business which sells customer's pets drawn as Disney inspired cartoons. The name of my store is Disnify. I have a disclaimer on my website that states that my business is not affiliated with Disney. I am wondering if I am breaking copyright laws? My business is Disney...
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    NSW Can a director, who is an employee of the company as well, forgo his salary for few months due to business losses incurred during pandemic period?

    Hi The director of an IT company who is an employee as well, wants to voluntarily forgo the salary (as an employee) for few months due to the business losses incurred (as there is no product sale made) during pandemic period. The business is incurring losses every month, he wants to keep paying...
  7. A

    QLD Unfair Dismissal and Sketchy Business Practices

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    VIC Understanding Business advocacy contract

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  9. S

    NSW Caveat for ex's business debts

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    NSW Questionable business practices of virtual address company

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