在法律文件、合并与收购、公司财务报告等场合，undertaking通常译为“业务”。最常见于法律和商业语境中，如" undertaking, property and liabilities" 这个短语涉及到一个实体（如公司或个人）的整体资产和负债。让我们逐个解析这个短语的各个部分：

Undertaking: 这里的 "undertaking" 通常指的是一个实体的整体业务活动或运营。它包括了该实体的所有业务项目、合同、承诺以及日常运作。

Property: "Property" 指的是该实体所拥有的所有资产，包括有形资产（如房地产、设备、存货）和无形资产（如专利、商标、商誉）。

Liabilities: "Liabilities" 则是指实体所承担的所有负债。这包括但不限于银行贷款、应付账款、债券、未支付的税款等。

因此，当说到 "undertaking, property and liabilities" 时，这通常意味着涵盖了一个实体的全部业务、资产和负债。

如

The Board may exercise all the powers of the Company to raise or borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company and, subject to the Law, to issue debentures, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party.

董事会可行使本公司一切权力筹集或借贷款项及将本公司全部或任何部分（现时及日后的）业务、物业及资产以及未催缴股本予以按揭或押记，并在公司法规限下，发行债权证、债券及其他证券，不论是纯粹为此等证券而发行，或是作为本公司或任何第三方任何债项、债务或义务的保证而发行。

Cayman Merger means a merger (meaning the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, which is a Cayman Islands company) or a consolidation (meaning the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies in the consolidated company, which will be a new Cayman Islands company) as defined in the Law.

开曼法之合并指开曼公司法所定义之存续合并（即两家或两家以上公司之合并，其中一 家开曼群岛公司为存续公司，承担其他公司之业务、资产和债务）或新设合并（即两家或两家以上公司之新设合并， 由一家新的开曼群岛公司为新设公司，承担参与公司之义务、资产和债务）。