Business

A business is an organization or enterprising entity engaged in commercial, industrial or

professional activities. A company transacts business activities through the production of a good,

offering of a service or retailing of already manufactured products. A business organization or an

economic system where goods and services are exchanged for one another or for money. It can

be a for-profit entity or a nonprofit organization that operates to fulfill a charitable mission.

Every business would require some form of investment and enough customers to whom its

output can be sold on a consistent basis in order to make a profit. Businesses can be privately

owned, not-for-profit or state-owned.

A business most often formed after the development of a business plan. This plan outlines the

strategic intentions and logistics in making those intentions occur. A business name must be

registered with the state, and this name is often referred to as the "doing business as" or DBA

name. A business can operate with its own tax identification number and tax liabilities, so one of

the pivotal steps in forming a business is determining the legal structure of the business and

associated taxation implications. Different businesses require various permits and licenses to

operate legally.

Finally, a business has legal obligations in regard to treatment of employees and the conditions in

which the employees work. These legal obligations of a business include properly assessing

payroll taxes on employees as well as the business itself.