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A person sell his domestic furniture at a profit, will it be considered a business? Explain the characteristics of business which is being stressed upon ?
Most Upvoted Answer
A person sell his domestic furniture at a profit, will it be considere...
No, selling domestic furniture at a profit does not necessarily constitute a business.

Characteristics of Business:

1. Regularity: A business involves regular and continuous transactions. Selling domestic furniture at a profit may be a one-time occurrence and not a regular activity.

2. Profit motive: A business is conducted with the intention of making a profit. If the person selling domestic furniture is doing so as a one-time activity, without any intention of making a profit, it cannot be considered a business.

3. Risk and Uncertainty: A business involves a certain degree of risk and uncertainty. The person selling domestic furniture may not face any significant risk or uncertainty while selling their furniture.

4. Legal Formalities: A business is generally conducted after fulfilling certain legal formalities, such as registering the company, obtaining necessary licenses and permits, etc. The person selling domestic furniture may not need to fulfill such formalities.

5. Capital Investment: A business usually requires a significant amount of capital investment. The person selling domestic furniture may not have invested any capital in the activity.

Conclusion:
In conclusion, the act of selling domestic furniture at a profit may not necessarily be considered a business as it may not fulfill the characteristics of a business. The person selling the furniture would need to engage in regular and continuous transactions with the intention of making a profit while facing risks and uncertainties, fulfilling legal formalities, and investing capital to be considered a business.
Community Answer
A person sell his domestic furniture at a profit, will it be considere...
No its not a business as selling the house furniture is not a day to day activity for any households.
business inculdes a day to day activity if the person is carpenter who sells the furniture, this includes in business.
Day to Day activity, is the characteristic or u can name it in other way.
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A person sell his domestic furniture at a profit, will it be considered a business? Explain the characteristics of business which is being stressed upon ?
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