Legal Definitions - new business

New business refers to a commercial enterprise that is started for the purpose of making a profit. It can also refer to any occupation or employment that is done regularly to earn a living. Transactions or matters that are not commercial in nature can also be considered as new business.

• A person starting a new restaurant is an example of new business.
• A lawyer who starts his own law firm is also an example of new business.
• When a company expands its operations to a new location, it is considered as new business.

These examples illustrate how new business refers to any commercial enterprise that is started with the intention of making a profit. It can be a small business or a largecorporation, and it can be in any industry or sector.