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CA Franchise Tax Board
Common Forms of Ownership
The term trade or business generally includes any activity carried on for the production of income from selling goods or performing services. It is not limited to integrated aggregates of assets, activities, and goodwill that comprise businesses for purposes of certain other provisions of the Internal Revenue Code. Activities of producing or distributing goods or performing services from which gross income is derived do not lose their identity as trades or businesses merely because they are carried on within a larger framework of other activities that may, or may not, be related to the organization’s exempt purposes. irs.gov/Charities-&-Non-Profits/Trade-or-Business–Defined
SCORE Business Valuation 101
Calif. Franchise Tax Board on types of Business Structures & Filing Requirements
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