what is difference between company and business
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- Ankit
- 03 Oct
- 3084 Views
- 5 Answers
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NishaNY
- 03 Oct
Please note that- "Company" and "business" are related terms, but they have distinct meanings and are often used in different contexts. Here's the difference between the two:
1. Business:
Definition: A business refers to an organization or entity engaged in commercial, industrial, or professional activities with the primary objective of making a profit.
Nature: A business can take various forms, including sole proprietorships, partnerships, corporations, and limited liability companies (LLCs). It can also operate in various industries, such as retail, manufacturing, services, technology, and more.
Purpose: The primary purpose of a business is to generate revenue and profit by providing products or services to customers. It may involve the production of goods, the delivery of services, or a combination of both.
Ownership: A business can be owned by an individual, a group of individuals, shareholders, or investors, depending on its legal structure.
2. Company:
Definition: A company is a specific type of business organization that is typically registered and legally recognized as a separate legal entity. It can be a form of business structure used to conduct commercial activities.
Nature: Companies can come in different forms, including sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. A corporation, in particular, is a common type of company structure.
Legal Entity: A company is a legal entity separate from its owners (shareholders or members). This separation provides certain legal protections and advantages, such as limited liability for shareholders in the case of a corporation.
Regulation: Companies are subject to specific regulations and reporting requirements imposed by the government or relevant authorities in the jurisdiction where they are registered.
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