Carrying On Business Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Carrying On Business, written in plain English, along with examples of how it is used.
What is Carrying On Business?
(v) Carrying on business is a routine and continues involvement in an activity undertaken for the purpose of making profit, gain or adding wealth to a person or entity by resorting to financial transaction to get a margin of profit on such transactions.
History and Meaning of Carrying On Business
Carrying on business is a common legal term that is used to refer to the regular and continuous activity of a person or entity, with the objective of making a profit or generating wealth. The term can apply to any type of commercial or economic activity, whether it is a sole proprietorship, a partnership, a corporation, or any other type of business entity. The definition of carrying on business varies depending on the context and jurisdiction, but it typically involves engaging in the buying and selling of goods or services, or the manufacturing or distribution of products.
Examples of Carrying On Business
- A freelance graphic designer who regularly creates and sells design work to clients is carrying on business.
- A retail store that sells clothing and accessories is carrying on business.
- A law firm that provides legal services to clients on an ongoing basis is carrying on business.
- An individual who buys and sells real estate properties on a regular basis for profit is carrying on business.
- An e-commerce website that sells products online is carrying on business.
Legal Terms Similar to Carrying On Business
- Trade or Business: This term is used in the United States Internal Revenue Code to refer to any activity carried on with the objective of making a profit.
- Commercial Activity: Refers to any type of economic activity that involves buying, selling, or exchanging goods or services, with the objective of making a profit or generating wealth.
- Entrepreneurship: The activity of starting and running a business enterprise with the goal of making a profit.