The Notion of ‘Business’: An activity? A responsibility? An entity? Or A property? (Reflection on Issues for Consideration)

Abstract

We often use the term ‘business’ in our daily interactions in various contexts. It is not uncommon to
notice one saying: “It is none of my business,” or “My family business is doing good,” “Sale of garage
business,” or “Let’s do business,” and so forth. Ordinarily, it is common to use the term business in
the sense of activity, responsibility, or entity. When one says, “it is none of my business,” we
imagine absence of responsibility or when one says, “it is a profitable business, or the business is
not good,” it implies a transaction or venture. In the expression ‘business organization,’ the term
business denotes entity. In the sense of Comm. Code (Both in 1960 and 2021), the notion of
‘business’ applied in the sense alien to the popular use of the term. As defined in the Comm. Code,
the notion of business is neither a responsibility nor an activity, or transaction. In a day-to-day
usage, the notion of business is very familiar, but understood in different contexts. The legislative
definition as expressed in the Comm. Code of 2021 is not simple enough to capture.1
It is, therefore, fair to question what business is and how it works in real life.