The correct way to indicate ownership (possession) for a name or word that ends in "s" is by putting an apostrophe at the end of the word by itself. In this case, correct grammar would be [business']. The plural form (i. e. indicating multiple) of "business" is "businesses".
It is perfectly correct if you mean it to be possessive -- for example, Peter is the business's owner. In general, the rule for making possessives for words ending in "s" is to use "'s" if the possessive "s" is pronounced.