What is the difference between a business, company, and a corporation?

Question

What is the difference between a business, company, and a corporation?

Answer 1

A business is what is happening (Retail, wholesale ect) aka Trade

a company are people that run an operation

A corporation is public/privately owned business in which ownership can be purchased

Answer 2

They are interchangeable terms. The only difference would be that a Corporation is an actual legal registration. A Business (or Company) can be registered as a proprietorship, a LLC, an S-Corporation or a C-Corporation (which is the most recognized/common term). Ultimately, in layman's terms they are the same.