To be brutally made fun of, sometimes resulting in getting beat up. Originated on Leave It To Beaver.
Wally: Boy, Beaver, wait'll the guys find out you were hanging around with a girl. They'll really give you the business.
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friend 1: damn she know how to give you the business dont she
friend 2: hell yea she did
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Usually a female that gives someone (usually a guy) great sex.
Girl: I'ma give you the business
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