Scroll Top

search-icon
    drop-arrow

    Business

    Introduction

    Business refers to an organised activity of engaging in any industrial, commercial or professional activity. A business may be carried on for profit or maybe a non-profit organisation.

    Why is Business important?

    Businesses are carried out in different forms such as sole proprietorship, Companies, Partnerships, Hindu Undivided Family, Association of individuals or Body of Individuals.

    The basic form of business and less regulated are sole proprietorships and partnerships. A sole proprietorship is easy to start, maintain and carry on by a single person. In case two or more individuals desire to join together and do business, they can form a partnership. However, a partnership is governed by Partnership law in the respective country.

    Businesses which are carried on as a non-profit organisation are generally constituted as a trust. The trust may be treated as an 'association of persons' or Individual'.

    Companies and LLPs are organised formed of business. Their characteristic features include segregation of management and operations, organisation policy, organisational theory and strategic management.

    Business begins with an idea, a business concept and with a name. A person starting a business enterprise carries out market research of the proposed area of operation for their product or service offerings. Large enterprises also frame a business plan, undertake a feasibility study of the proposed business offerings, as to whether the offerings would create value for the consumer.

    Summary of the news

    In a broader sense, business constitutes an economic activity where goods and services are exchanged or bought and sold for money. Business enterprises have to register themselves under the laws of the state in which they operate. A business enterprise would invest money, employ assets, manpower and machinery. Businesses should comply with the laws and regulations concerning ownership and claims on the assets employed. Similarly, business enterprises must comply with the labour laws and social security laws with respect to the manpower employed.

    Future Impact

    There are a number of technologies taking significant place in the industry and modifying the way a business is carried out. Cloud computing, artificial intelligence, big data, data analytocs, and more.

    Blockchain is another high-potential technology that facilotates crypto transactions. The technology is also being leveraged to ensure freshness, safety and sustainability across the food supply chain, by connecting farmers, distributors and retailers. Businesses implementing and updating itself with the latest technologies can change the countrys economy and lifestyle.

    Popular Topics

    Latest Articles

    Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.

    Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.

    CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.

    Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.

    Cleartax is a product by Defmacro Software Pvt. Ltd.

    Company PolicyTerms of use

    ISO

    ISO 27001

    Data Center

    SSL

    SSL Certified Site

    128-bit encryption