Understanding the differences between a business and a company

A huge thanks to Gosia Slotala from Shelcom Corporate Services for contributing to our blog and helping define the differences between a business name and a company!

We often hear the two words: business and company used interchangeably. Anyone carrying on an activity that earns them a profit is doing business or running a business, and perhaps this is why there is a misconception that business and company is the same thing. To most people, it is the same thing, but in fact there are major differences between a company and a business.

In casual conversation it’s certainly acceptable to switch back and forth between the two terms as no one would really notice or put much weight to the words.  Conversely, for a new entrepreneur just starting out in a venture (or adventure of a lifetime), knowing the difference between setting up a business and setting up a company is crucial.  When referring to setting up a business or setting up a company in relation to establishment or incorporation, one must know exactly what stands behind the terms.   The core difference comes down to the legal and financial structures.

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