Making a living or making money by making, buying, and selling things and services is what business is. You can put it this way: “any activity or enterprise that is intended to make profit.” The word is often used casually to talk about a company, but lawyers and government workers don’t use it.
On the other hand, a business is its legal entity with limited liability and lower corporate tax rates. It does not have to follow the same rules as an individual. Setting up a company structure is more arduous and costs more, but it gives the owner more protection and benefits.
