![]() ![]() The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. The proprietor is personally taxed on all income from the business. A business structure does not allow for corporate tax rates. If the business acquires debts, the creditors can go after the owner’s personal possessions. 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. Simply put, it is “any activity or enterprise entered into for profit.” Someone looking to lean how to Design T-Shirt for Merch by Amazon, Tee Spring & other platforms.īusiness is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services).
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