business

Australia's #1 for Law
Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!
FREE - Join Now
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.

View More On Wikipedia.org
  1. R

    WA a false google my business review

    i am a semi retired person in the computer repair business I have a great, flawless reputation with 100% 5 star reviews going back over a very long time i had someone show up at end of day on a weekend asking me to fit a battery they provided. I said ok. They did not bring a power cord because...
  2. kateclements

    Start up business, copyright/trademark name

    I am starting my own small business online selling womens clothing. I want to make sure I will not get sued for using the name, I have not registered it yet as I was hoping to get an answer first. I will use the following as an example - I want to call my brand F#t Emily, but there is already a...
  3. H

    NSW Real Estate Rental insurance business idea

    Hi How do I establish an insurance company or brokerage firm to serve a particular niche of customers within the rental segment of Real estate industry? I'm planning on establishing a firm that turns the rental deposit amount into monthly small payments, while the property owner is covered under...
  4. oscarveld

    Liability for business connecting people to do odd-jobs.

    Hi everyone, I'm looking to start a business that connects people who are looking to do one time or "odd-jobs" with people who need these jobs done. My question is: If a user was doing an odd-job for someone they had found with our website and caused damages to the persons property or self...
  5. R

    VIC Prospa business loan guarantor

    Hi i am currently a guarantor on a prospa business loan. The borrower has failed over and over again to pay and i have now been given paperwork to state that he is overdue in multiple payments. I have received maybe 3 phone calls for the whole duration of the loan to tell me he hasn’t paying i...
  6. A

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

    A few weeks before the global pandemic my business partner and I signed a contract to buy her out of our salon. With the government shutdown, I can no longer pay those payments. The security I had on this was my car but because I’m suffering from coronavirus situation I cannot make those...
  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”...