A business is any entity that seeks to profit from a product or service. It doesn’t have to be a legal entity, such as a corporation or limited partnership; it can also be an individual or group of people who run a business for their own benefit.
A fundamental feature or characteristic of a business is that it involves production and exchange of goods and services for value or price on a regular basis. Any activity that involves production and exchange of goods for value or price but is not carried out on a continuous basis or for once in a while can be considered as non-business.
The main objective of any business is to earn profit but it should also aim at service motive and try to make contributions towards the welfare of society. This can be achieved through good marketing techniques, fair practices, paying workers well, producing quality goods and avoiding malpractices like hoarding, black marketing, adulteration etc.
There are different types of businesses in the world, each with its own characteristics. Commonly, there are sole traders, partnerships and corporations. Each of these has its own legal structure and liability requirements.