Organization undertaking commercial, industrial, or professional activity

Business is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services).[1][2][need quotation to verify][3][4] Simply put, it is “any activity or enterprise entered into for profit.”[5]

Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner’s personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company. A company, on the other hand, is a separate legal entity

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Industrial company Barloworld is one step closer to partially exiting the vehicle retail market after reaching an agreement on a joint venture with Akoo family owned NMI Durban South Motors (NMI-DSM).

The deal, valued at almost R1 billion, will see the Sandton head quartered company retaining a 50% stake in the joint venture. 

Barloworld’s automotive business includes car rental, retail, fleet services as well as used vehicles and disposals. It is also a dealer for US company Caterpillar (Cat), through its equipment business and has a logistics  business, as well as a consumer goods portfolio made up of its starch and glucose unit, that it acquired from Tongaat last year. The venture forms part of the group’s strategy to exit the vehicle sales market and eventually focus on its equipment and food businesses.

Barloworld CEO Dominic Sewela said in a statement: “The proposed restructure into this structure will enable us

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