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Business's is correct. The possessive singular of all English nouns is formed by adding -'s, regardless of spelling. In effect the possessive singular generally sounds like a nominative plural. In the case of nouns ending in -s, like business, the possessive has one more syllable than the nominative, just as the nominative plural, businesses, has one more syllable than the nominative singular.

The apostrophe alone is strictly for the possessive of PLURALS already ending in -s, and does not change the number of syllables, since the apostrophe alone has no pronunciation.

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