July 25, 2023
What's the difference between a business and a company?
In the simplest terms, all companies are businesses, but not all businesses are companies. The primary distinction lies in the structure and legal standing. A business refers to an organization that sells goods or services to generate profit, regardless of its legal structure. However, a company is a specific type of business that's legally recognized as a separate entity from its owners. This provides the owners with limited liability, meaning they're not personally responsible for the company's debts and obligations.
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