A business undertaking is an institutional arrangement to conduct any type old business activity. The undertaking may be run by one person or association of person. It may be based on formal or informal agreement among persons who undertake to run the concern. According to Wheeler, a business undertaking is a concern, company or enterprise which buys and sells, is owned by one person or a group of persons and is managed under specific set of operating policies. The person join to gather and pool their resources and conduct the activities of the undertaking for the benefit of all.
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