Business is the activity of making one's living or making money by producing or buying and selling products such as goods and services. Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. The term is also often used colloquially but not by lawyers or by public officials to refer to a company.
Minneapolis Commercial Architecture and Interiors | PlanForce Group
Socialism is a political , social , and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production. Socialist systems are divided into non-market and market forms. Profits generated by these firms would be controlled directly by the workforce of each firm or accrue to society at large in the form of a social dividend. Socialist politics has been both internationalist and nationalist in orientation; organised through political parties and opposed to party politics; at times overlapping with trade unions and at other times independent and critical of them; and present in both industrialised and developing nations. The socialist political movement includes a set of political philosophies that originated in the revolutionary movements of the mid-to-late 18th century and out of concern for the social problems that were associated with capitalism. Today, many socialists have also adopted the causes of other social movements such as environmentalism , feminism and progressivism. While the emergence of the Soviet Union as the world's first nominally socialist state led to socialism's widespread association with the Soviet economic model , some economists and intellectuals argued that in practice the model functioned as a form of state capitalism    or a non-planned administrative or command economy.
There was a time when people used to have a simpler life. Homeowners were not very big on the ideas of necessities or luxuries unlike the modern times. They were contented with the ideas of living in a smaller house, an average business and company, less facilities and luxuries as they believed in manual work.
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