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1.
A term used to politely describe the nether regions and/or pubic hair of a woman.
Before Melissa could wear her new bikini, she had to take care of her lady business.
by J0e_Average January 04, 2006
 
2.
The facts of life that women discuss amongst themselves that men know about but prefer to pretend do not exist, i.e. periods, etc.
"Earmuffs, boys, the girls are discussing their Lady Business."