A contact can be a person or a company. Contact can be your customer, vendor, Bank, Agent, Lawyer, prospective customer, etc. To assign Business Relationship to a contact:
1) Open Contact card and browse to the contact that you want to assign Business Relation.
2) Click on Contacts --> Company --> Business Relation.
3) Select the Business Relation to assign to the contact. You can assign more than one Business Relation to a contact.
Before you can assign a Business Relation to a contact, you must setup the Business Relations at Sales & Marketing --> Setup --> Company --> Business Relations.