The practise of making a living or earning money through the production, purchasing, and sale of products is known as industry (such as goods and serv
The practise of making a living or earning money through the production, purchasing, and sale of products is known as industry (such as goods and services). Simply put, it is "any profit-making operation or business."
Since the business company and the owner are not separated by a business name, the owner of the business is responsible and liable for the corporation's debts.
If the company incurs debts, the creditors will pursue the owner's personal assets. Corporate tax rates are not allowed in a company arrangement. The proprietor is individually charged on all corporate profits.
