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."
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. If the business acquires debts, the creditors can go
after the owner's personal possessions. 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.