Business Legal Meaning and Definition

Here is a simplified definition of the legal term Business.

Business (noun)

A business refers to an organized effort or activities conducted by individuals or entities aimed at earning profits or wealth. This typically involves engaging in financial transactions where products or services are sold at a price higher than their cost, resulting in a profit margin. However, activities carried out purely for enjoyment or pleasure, and not intended to generate a profit, are not classified as a business.