What is Business?

Legal Definition
A business (also known as an enterprise, a company or a firm) is an organizational entity involved in the provision of goods and services to consumers. Businesses as a form of economic activity are prevalent in capitalist economies, where most of them are privately owned and provide goods and services to customers in exchange for other goods, services, or money. Businesses may also be social non-profit enterprises or state-owned public enterprises charged by governments with specific social and economic objectives. A business owned by multiple individuals may form as an incorporated company or jointly organise as a partnership. Countries have different laws that may ascribe different rights to the various business entities.

The word "business" can refer to a particular organization or to an entire market sector (for example: "the music business") or to the sum of all economic activity ("the business sector"). Compound forms such as "agribusiness" represent subsets of the concept's broader meaning, which encompasses all activity by suppliers of goods and services.

Businesses aim for their sales to exceed their expenditures, resulting in a profit or gain or surplus.
-- Wikipedia
Legal Definition
This word embraces everything about which a person can be employed. People v. Com'rs of Taxes, 23 N. Y. 242, 244. That which occupies the time, attention, and labor of men for the purpose of a livelihood or profit. The doing of a single act pertaining to a particular business will not be considered engaging in or carrying on the business ; yet a series of such acts would be so considered. Goddard v. Chaffee, 2 Allen (Mass.) 395, 79 Am. Dec. 796; Sterne v. State, 20 Ala. 46. Labor, business, and work are not synonyms. Labor may be business, but it is not necessarily so ; and business is not always labor. Making an agreement for the sale of a chattel is not within a prohibition of labor upon Sunday, though it is (if by a merchant in his calling within a prohibition upon business. Bloom v. Richards, 2 Ohio St. 387.
-- Black's Law Dictionary