Personal business is any activity or matter that a person believes to be private. These could be side jobs or small businesses that individuals are interested in for additional income. This is often a good thing, as it promotes working-life balance and allows individuals to pursue interests that are not professional activities. It could also be related to the family or individual responsibilities, including childcare and eldercare.
The legal definition of privacy varies from one privacy law to another but the principle is the same: All information that identifies an individual or household must be considered personal. This could include basic information such as names or more intricate information like biometric data and geolocation tags. Businesses must understand the importance of personal data to ensure that they are in compliance with all applicable laws.
Data must be able to be linked to a specific person in order to be classified as personal. Businesses should be clear about their intentions when collecting data and seek consent prior to doing so. They must also limit the amount and types of data they collect, and only keep it for as long as is needed.
In the United States, a personal business is one run by an individual, not an entity or partnership. This means that the personal assets of owners can be utilized to settle the debts or liabilities. This isn’t the best option for small businesses with limited resources.