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Business is the activity of making money by buying or producing or selling products which may include goods and services, or one can also define it as an act done for making one's living. Simply combined, it is defined as any activity of an enterprise or firm entering the market for making profit. It is not necessary for it to be a company, partentership, a collaboration, or have any such formal organisational structure, but it can still range from a street stall to General Motors. The person responsible liable for all the debts incurred by the business is by default the owner of the business. The people who have to take money from the owner, the creditors can go after the owner's personal possessions in the case when business acquired debts and they are not cleared on time. Any business does not incorporate the structure for corporate tax rates, hence the proprietor is taxed personally on all the income from the business.
The term of business is many times used many times to also refer a company, but this mistake is not generally made by lawyers or public officials. A company is a separate legal entity and can be charged corporate taxes and provide limited liability.