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Simple English definitions for legal terms
new business
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A quick definition of new business:
New Business: A new business is a type of commercial enterprise that is started for the purpose of making a profit. It can involve any type of occupation or employment that is done regularly to earn money. New businesses engage in commercial transactions and can be in any industry. In parliamentary law, new business refers to an item of business introduced from the floor or taken from the table without having been scheduled for consideration.
A more thorough explanation:
New business refers to a commercial enterprise that is started for the purpose of making a profit. It can also refer to any occupation or employment that is done regularly to earn a living. Transactions or matters that are not commercial in nature can also be considered as new business.
- A person starting a new restaurant is an example of new business.
- A lawyer who starts his own law firm is also an example of new business.
- When a company expands its operations to a new location, it is considered as new business.
These examples illustrate how new business refers to any commercial enterprise that is started with the intention of making a profit. It can be a small business or a large corporation, and it can be in any industry or sector.