A business is an organizational entity which is recognized legally and is intended to provide goods and/or services to the consumers. It’s run in a systematic and an organized manner with an expectation of earning profits for the owner. A Business is completely different from a hobby in a way that while in a business the losses are tax deductible, it is not so in a hobby.

There are several kinds of businesses. It could be a Sole Proprietorship, a Partnership, a Corporation, or a Limited Liability Company (LLC).

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