Business
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit."
A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
A distinction is made in law and public offices between the term business and a company such as a corporation or cooperative. Colloquially, the terms are used interchangeably.
Corporations are distinct from sole proprietors and partnerships. Corporations are separate legal entities from their shareholders and therefore provide limited liability for their owners and members. Corporations are subject to corporate tax rates. Corporations are also more complicated, expensive to set up, along with the mandatory reporting of quarterly or annual financial information to the national (or state) securities commissions or company registers, but offer more protection and benefits for the owners and members.
Individuals who are not working for a government agency (public sector) or for a mission-driven charity (nonprofit sector), are almost always working in the private sector, meaning they are employed by a business whose primary goal is to generate profit, through the creation and capture of economic value above cost.
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