License is the right or permit to conduct particular activities that is authorized by a document of the same name. As a document, license indicates the right of a legal entity or individual- a licensee -to conduct business activity specified in the license for a certain period of time with the obligatory observance of licensing conditions. In case of violation of the license conditions — the license may be canceled.
Business license is an authorization document issued by a state licensing authority or a licensing body authorized by the state, which entitles business entities to conduct particular business activities that are subject to state regulation and control. The list of activities requiring a license is established at the legislative level by each individual state and varies across countries.
Conducting a licensed business activity without an appropriate license is a gross law violation that is punishable even with criminal prosecution.