What is a Business

Business

A business or industry is an organization or enterprising entity engaged in commercial, industrial or professional actions. A corporation transacts business activities through the production of a good, offering of a service or retailing of already artificial products. A business can be a for-profit entity or a nonprofit organization that operates to fulfill a generous mission.

BREAKING DOWN Business

A business most often forms after the development of a business plan. This plan outlines the planned intentions and logistics in making those intentions occur. A business name should be registered with the state, and this name is often referred to as the doing business as or DBA name. A business may operate with its own tax identification number and tax liabilities, so one of the pivotal steps in forming a business is determining the lawful structure of the business and associated taxation implications. Different businesses require different permits and licenses to operate legally. Finally, a business has legal obligations in regard to treatment of employees and the circumstances in which the employees work. These legal obligations of a business include properly assessing payroll taxes on workers as well as the business itself.

Business Sizes

Businesses include everything from a small owner-operated corporation, such as a people restaurant, to a multinational conglomerate, such as Common Electric.
Larger businesses might issue corporate stock to finance operations. In this case, the corporation is publicly traded and has reporting and operating limits.
Alternatively, lesser businesses might operate more independently of regulators.A company might describe its business .

Industries

A company might describe its business by communicating the trade in which it operates. For instance, the real estate business, advertising business or mattress production businesses are industries in which a business may exist. Because the term business may be interchanged with day-to-day procedures as well as the overall formation of a corporation, the term is often used to indicate dealings regarding an underlying product or repair. For instance, Exxon Mobil transacts business in providing oil.

Business To Business - B To B

Business to business, too called B to B or B2B, is a type of transaction that exists between industries, such as one involving a company and wholesaler, or a wholesaler and a retailer. Business to business refers to industry that is conducted between companies, rather than between a corporation and individual customers. Business to business stands in difference to business to consumer (B2C) and business to government (B2G) transactions.