Last edited 18 Aug 2021



A business (noun) (or 'going concern') is a trading entity that sells goods or services to other businesses or individuals in order to realise a profit.

Types of businesses can include:

Businesses typically draw up a business strategy; a written statement of the organisation’s key aims which are designed to achieve its objectives. A full description of the strategy is usually found in the business plan.

Businesses typically have various departments, each with its particular objectives, as defined in the business plan. Larger businesses have a wider range of departments than smaller ones. Depending on the size of the business, these departments can include:

A company is a legally-recognised group or association of people who have a common goal and who use their respective talents to achieve that goal. In the UK, companies must be registered under the Companies Acts (or other similar legislation). For more information see: Company.

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