What is business?
Let's find out!
Not only is it:
- Success
- Money
- Daily mental breakdowns
But also an activity of making one's living or making
money by producing or buying and
selling products (such as goods and services). 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.
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