The growing development of web-based reputation systems in the 21
century will have a powerful social and economic impact on both business entities and individual customers, because it makes transparent quality assessment on products and services to achieve customer assurance in the distributed web-based Reputation Systems. The web-based reputation systems will be the foundation for web intelligence in the future. Trust and Reputation help capture business intelligence through establishing customer trust relationships, learning consumer behavior, capturing market reaction on products and services, disseminating customer feedback, buyers’ opinions and end-user recommendations. It also reveals dishonest services, unfair trading, biased assessment, discriminatory actions, fraudulent behaviors, and un-true advertising. The continuing development of these technologies will help in the improvement of professional business behavior, sales, reputation of sellers, providers, products and services. Given the importance of reputation in this paper, we propose ontology for reputation. In the business world we can consider the reputation of a product or the reputation of a service or the reputation of an agent. In this paper we propose ontology for these entities that can help us unravel the components and conceptualize the components of reputation of each of the entities.