The most common and most likely answer to this crossword clue is the 8 letter word TRANSACT
I've seen this crossword clue in The Daily Telegraph
T
R
A
N
S
A
C
T
More clues leading to the result TRANSACT
- Expanse of land with nice sylvan area originally included — do business
- A game partnership invested in some land to do a deal
- Perform with diplomacy, after right answer’s only half comprehended
- Rock star can’t perform
- Perform with a man performing as a woman?
- Deal with gender-fluid performer
- After proper preparation can start to perform
- Negotiate with skill to mount new production of Cats
- Carry out cans drunk in Italian restaurant
- Negotiate with a couple of partners in area
Buddy explains!

The straight part
We know that "do business" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case do business = transact.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does TRANSACT mean?
TRANSACT verb- To do, carry through, conduct or perform some action.
- To carry over, hand over or transfer something.
- To conduct business.
- To exchange or trade, as of ideas, money, goods, etc.