Legal Definitions - business

A business is an activity or trade performed by a person or entity with the goal of making a profit. This can include selling goods or services to the public. However, a business can also be a non-profit organization that pursues a charitable or social purpose.

• A bakery that sells bread and pastries to customers is a business.
• A law firm that provides legal services to clients is a business.
• A non-profit organization that provides free meals to the homeless is also a business, even though it does not aim to make a profit.

These examples illustrate how a business can involve different types of activities and goals. The bakery and law firm are both commercial businesses that aim to make a profit by providing goods or services to customers. The non-profit organization, on the other hand, has a social purpose and does not aim to make a profit, but it still operates like a business by providing a service to the public.

Developing a business may require creating a plan that considers various aspects, such as:

• The name and concept of the business
• A market analysis and strategy for positioning the product
• The business goals and objectives
• The legal structure and tax planning
• The marketing and sales plan
• The organizational structure of the business

These elements help to ensure that the business is well-planned and has a clear direction for success.