Business is the regular conduct of legal activities primarily to earn profit.
The second obligation of a business is Corporate Social Responsibility which means to give back to the community.
Non-Profit Organization is considered as another type of company which aims to help people and imrpove the community (welfare).
Business activities are intended for profit. It is their primary objective which is coverer in a month, 1 quarter, 6 months, or 1 year.
Business activities are regularlyundertaken. They happen continuously and regularly within a time period. Examples: sale of grocery items and payment of salaries.
Business activities are financialincharcter. Quantifiable and measurable in terms of money, sales, or income.
Business activities should be connected with the operations of the firm.
Business activities must be legally undertaken. It should be registered and authorized by the law.
What must be declared to the agency when registering a business?
