The definition of business group varies. For instance, Leff defines business group as
a group of companies that does business in different markets under common administrative
or financial control whose members are linked by relations of interpersonal trust on the
bases of similar personal ethnic or commercial background a business group. One method of
defining a group is as a cluster of legally distinct firms with a managerial relationship.
The relationship between the firms in a group may be formal or informal.A keiretsu is one
type of business group. A concern is another.
Encarnation refers to Indian business houses, emphasizing multiple forms of ties
among group members. It is state that a business group is a network
of firms that regularly collaborate over a long time period. Their are some argues that
business groups refers to an intermediate level of binding, excluding on the one hand
a set of firms bound merely by short-term alliances and on the other a set of firms
legally consolidated into a single unit.