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"old business" is a correct and commonly used phrase in written English.
It is typically used to refer to something that has previously been discussed, but has not yet been resolved or completed. Example: "Before we move on to new topics, let's quickly address any old business from last week's meeting." Here, "old business" refers to any unfinished or unresolved matters from a previous meeting.
Exact(53)
Old business is just old business.
She's old business.
That's the old business model.
Funny old business, this.
What a funny old business.
"Personal productivity is an old business.
Similar(6)
Ms. Rathbun is also raising a four-year-old business.
The roll comes from Parisi Bakery, a century-old business on Elizabeth Street.
Christine Dougherty, a 27-year-old business consultant in Pensacola, Fla., thinks so.
Niman decided to update his millennia-old business.
Digital technology promises to disrupt this century-old business.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com