Business

As per wikipedia, Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply, we can say that a profitable activity for which an enterprise entered into. Business can range from a street peddler to General Motors, It does not mean it is a company, a corporation, partnership, or have any such formal organization.

What is company, corporation or formal organisations??

A company, is a legal entity representing an association of people with a specific objective. Company members share a common purpose and unite to achieve specific decided goals.
A Corporation is, however, a group of companies coming together with a common interest and specific goal.
Formal organisation is a well-defined structure of authority and responsibility that defines delegation of authority and relationships amongst the members of organisation. It works on pre-defined set of policies, plans, procedures, schedules and programmes. Most of the decisions in formal organisation are based 
on pre-determined policies.

Difference between business and company

A Business name structure does not separate the business entity from its owner, according to which business owner is responsible and liable for all debts incurred by the business. Whereas, a company on the other hand is a separate legal entity and provides for limited liability.

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