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A business entity is not essentially separate from the owner and the creditors can hold the owner responsible for money owed the business has acquired. The taxation system for businesses is completely different from that of the corporates. A business construction does not permit for company tax rates. The proprietor is personally taxed on all revenue from the business. Business is the practice of creating one’s living or being profitable by producing or shopping for and selling merchandise . It can be “any exercise or enterprise entered into for profit.”

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