What is business partner in SAP LOD-LH-TAX - SAP Localization Hub, Tax Service?

SAP Term: business partner

• Component: LOD-LH-TAX

• Component Name: SAP Localization Hub, Tax Service

• Description: A person or organization with whom your company has a business interest. In contrast to a business party, business partners are only the entities with which your organization does business.

Smart SAP Assistant

• Key Concepts: 
  A business partner is a term used in SAP Localization Hub, Tax Service (LOD-LH-TAX) to refer to an entity that is involved in a business transaction. This could be a customer, vendor, or other third party. The business partner is used to store information about the entity, such as contact information and tax information. 
  
  How to use it: 
  In order to use the business partner concept in SAP Localization Hub, Tax Service, you must first create a business partner record. This can be done by entering the necessary information into the system. Once the record is created, it can be used for various transactions such as invoicing and tax calculations. 
  
  Tips & Tricks: 
  When creating a business partner record, make sure to enter all of the necessary information accurately. This will ensure that the system can properly calculate taxes and other related information. Additionally, it is important to keep the business partner record up-to-date with any changes in contact or tax information. 
  
  Related Information: 
  For more information on how to use the business partner concept in SAP Localization Hub, Tax Service, please refer to the official documentation provided by SAP. Additionally, there are many online resources available that provide helpful tips and tricks for using this feature.