Carrying on business is to perform activities for a business organization such as a partnership or corporation with the purpose of making a profit. The concept is used in a few different ways such as:
- A trustee may have a legal duty of carrying on the business in a trust until the assets are distributed.
- Carrying on business may be a threshold requirement to receive some beneficial corporate tax treatment.
- In partnership law, partners must carry on business in order to maintain the property benefits of the partnership structure.
[Last updated in June of 2021 by the Wex Definitions Team]