Typically, how is a ‘business’ defined under legislation:

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BlackTom AI · Accepted Answer

Question: Typically, how is a ‘business’ defined under legislation: Select one:

Option a: To carry on a hobby
- This is generally incorrect because a hobby is not legally treated as a business activity under most legislative frameworks. The key distinction is between an activity pursued for pleasure versus for commercial gain, taxes, licensing, and regulatory purposes.

Option b: To include trade, occupation or profession
- This option captures the scope often used in statutory definitions, where ‘business’ encompasses activities carried out as a trade, occupation, or profession, especially when aiming to regulate commercial activity, licensing, or taxation. It aligns with common legal formulations that tie business to ongoing, organized economic activity rather than sporadic or casual actions.

Option c: ‘Business’ is not defined anywhere in legislation
- This is typically false in many jurisdictions. Most legal systems provide at least some definition or guidance on what constitutes business for purposes of registration, licensing, taxation, or consumer protection. While the exact wording varies, a complete absence of any definition is uncommon and would not reflect standard statutory practice.

Option d: To carry out a single venture
- This option is too narrow. While a single venture can be part of a business, legislation usually requires consideration of ongoing, systematic, or commercial activity rather than a one-off project. A single isolated venture might be exempt or treated differently for tax or regulatory reasons, but it does not generally define what counts as a business.

Rationale across options:
- The concept of business in law typically involves organized, ongoing economic activity intended to generate profit, and it is often framed in terms of trade, occupation, or profession. This makes option b the most representative of standard legislative language.
- The other options describe narrower or incorrect framings: hobbies (not typically business), lack of any definition (uncommon), or a single venture (too narrow for the broad statutory category).

Overall, evaluating the statements shows that option b best reflects how legislation tends to define ‘business’ by including trade, occupation, or profession as core elements of the concept.

MCD2070 - T3 - 2025 Partnership Quiz

Typically, how is a ‘business’ defined under legislation:

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