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.
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.