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Deepak Kanakaraju – Analytics Mastery
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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.
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Deepak Kanakaraju – Analytics Mastery
Business online course
Information about business:
Business is the activity of making oneβs living or making money by producing or buying and selling products (such as goods and services).
[need quotation to verify] Simply put, it is βany activity or enterprise entered into for profit.
It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors.β
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 ownerβs personal possessions.
A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.
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