carrying on business

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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