<?xml version="1.0" encoding="utf-8"?>
<InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">
  <Version>1.0.0.3</Version>
  <hasSegments>false</hasSegments>
  <ReportName>Description of the Business</ReportName>
  <RoundingOption />
  <Columns>
    <Column>
      <LabelColumn>false</LabelColumn>
      <Id>1</Id>
      <Labels>
        <Label Id="1" Label="12 Months Ended" />
        <Label Id="2" Label="Dec. 31, 2009" />
        <Label Id="4" Label="USD / shares" />
      </Labels>
      <CurrencySymbol>$</CurrencySymbol>
      <hasSegments>false</hasSegments>
      <hasScenarios>false</hasScenarios>
      <Segments />
      <Scenarios />
      <Units>
        <Unit>
          <UnitID>Unit_1</UnitID>
          <UnitType>Standard</UnitType>
          <StandardMeasure>
            <MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema>
            <MeasureValue>USD</MeasureValue>
            <MeasureNamespace>iso4217</MeasureNamespace>
          </StandardMeasure>
          <Scale>0</Scale>
        </Unit>
        <Unit>
          <UnitID>Unit_2</UnitID>
          <UnitType>Standard</UnitType>
          <StandardMeasure>
            <MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema>
            <MeasureValue>pure</MeasureValue>
            <MeasureNamespace>xbrli</MeasureNamespace>
          </StandardMeasure>
          <Scale>0</Scale>
        </Unit>
        <Unit>
          <UnitID>Unit_3</UnitID>
          <UnitType>Divide</UnitType>
          <NumeratorMeasure>
            <MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema>
            <MeasureValue>USD</MeasureValue>
            <MeasureNamespace>iso4217</MeasureNamespace>
          </NumeratorMeasure>
          <DenominatorMeasure>
            <MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema>
            <MeasureValue>shares</MeasureValue>
            <MeasureNamespace>xbrli</MeasureNamespace>
          </DenominatorMeasure>
          <Scale>0</Scale>
        </Unit>
        <Unit>
          <UnitID>Unit_4</UnitID>
          <UnitType>Standard</UnitType>
          <StandardMeasure>
            <MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema>
            <MeasureValue>shares</MeasureValue>
            <MeasureNamespace>xbrli</MeasureNamespace>
          </StandardMeasure>
          <Scale>0</Scale>
        </Unit>
      </Units>
    </Column>
  </Columns>
  <Rows>
    <Row>
      <Id>2</Id>
      <Label>Description of the Business</Label>
      <Level>0</Level>
      <ElementName>psa_DescriptionOfBusiness</ElementName>
      <ElementPrefix>psa</ElementPrefix>
      <IsBaseElement>false</IsBaseElement>
      <BalanceType>na</BalanceType>
      <PeriodType>duration</PeriodType>
      <ElementDataType>string</ElementDataType>
      <ShortDefinition>Description of the Business</ShortDefinition>
      <IsReportTitle>false</IsReportTitle>
      <IsSegmentTitle>false</IsSegmentTitle>
      <IsSubReportEnd>false</IsSubReportEnd>
      <IsCalendarTitle>false</IsCalendarTitle>
      <IsTuple>false</IsTuple>
      <IsAbstractGroupTitle>true</IsAbstractGroupTitle>
      <IsBeginningBalance>false</IsBeginningBalance>
      <IsEndingBalance>false</IsEndingBalance>
      <IsEPS>false</IsEPS>
      <Cells>
        <Cell>
          <Id>1</Id>
          <ShowCurrencySymbol>false</ShowCurrencySymbol>
          <IsNumeric>false</IsNumeric>
          <NumericAmount>0</NumericAmount>
          <RoundedNumericAmount>0</RoundedNumericAmount>
          <NonNumbericText />
          <NonNumericTextHeader />
          <FootnoteIndexer />
          <hasSegments>false</hasSegments>
          <hasScenarios>false</hasScenarios>
        </Cell>
      </Cells>
      <ElementDefenition>Description of the Business</ElementDefenition>
      <IsTotalLabel>false</IsTotalLabel>
    </Row>
    <Row>
      <Id>3</Id>
      <Label>Nature of Operations [Text Block]</Label>
      <Level>1</Level>
      <ElementName>us-gaap_NatureOfOperations</ElementName>
      <ElementPrefix>us-gaap</ElementPrefix>
      <IsBaseElement>true</IsBaseElement>
      <BalanceType>na</BalanceType>
      <PeriodType>duration</PeriodType>
      <ElementDataType>string</ElementDataType>
      <ShortDefinition>No definition available.</ShortDefinition>
      <IsReportTitle>false</IsReportTitle>
      <IsSegmentTitle>false</IsSegmentTitle>
      <IsSubReportEnd>false</IsSubReportEnd>
      <IsCalendarTitle>false</IsCalendarTitle>
      <IsTuple>false</IsTuple>
      <IsAbstractGroupTitle>false</IsAbstractGroupTitle>
      <IsBeginningBalance>false</IsBeginningBalance>
      <IsEndingBalance>false</IsEndingBalance>
      <IsEPS>false</IsEPS>
      <Cells>
        <Cell>
          <Id>1</Id>
          <ShowCurrencySymbol>false</ShowCurrencySymbol>
          <IsNumeric>false</IsNumeric>
          <NumericAmount>0</NumericAmount>
          <RoundedNumericAmount>0</RoundedNumericAmount>
          <NonNumbericText>&lt;div&gt; &lt;div&gt;&lt;!-- 2.0.3706.15792 --&gt;&lt;div&gt;&lt;!-- body --&gt;&lt;div&gt;
&lt;div style="font-size: 10pt;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"&gt;
&lt;tr valign="top"&gt;
&lt;td style="width: 18pt;"&gt;
&lt;div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"&gt;&lt;font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"&gt;1.&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;td&gt;
&lt;div align="left"&gt;&lt;font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"&gt;&lt;font class="_mt" style="display: inline; text-decoration: underline;"&gt;Description of the Business&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"&gt;&amp;nbsp;&amp;nbsp;&lt;/div&gt;
&lt;div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"&gt;&amp;nbsp;&amp;nbsp;&lt;/div&gt;
&lt;div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"&gt;&lt;font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"&gt;Public Storage (referred to herein as &amp;#8220;the Company&amp;#8221;, &amp;#8220;the Trust&amp;#8221;, &amp;#8220;we&amp;#8221;, &amp;#8220;us&amp;#8221;, or &amp;#8220;our&amp;#8221;), a Maryland real estate investment trust, was organized in 1980.&amp;nbsp;&amp;nbsp;Our principal business activities include the acquisition, development, ownership and operation of self-storage facilities which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use.&amp;nbsp;&amp;nbsp;Our self-storage facilities are located primarily in the United States (&amp;#8220;U.S.&amp;#8221;).&amp;nbsp;&amp;nbsp;We also have interests in self-storage facilities located in seven Western European countries.&lt;/font&gt;&lt;/div&gt;
&lt;div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"&gt;&amp;nbsp;&amp;nbsp;&lt;/div&gt;
&lt;div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"&gt;&lt;font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"&gt;At December 31, 2009, we had direct and indirect equity interests in 2,010 self-storage facilities located in 38 states operating under the &amp;#8220;Public Storage&amp;#8221; name, and 188 self-storage facilities located in Europe which operate under the &amp;#8220;Shurgard Storage Centers&amp;#8221; name.&amp;nbsp;&amp;nbsp;We also have direct and indirect equity interests in approximately 21 million net rentable square feet of commercial space located in 11 states in the U.S. primarily operated by PS Business Parks, Inc. (&amp;#8220;PSB&amp;#8221;) under the &amp;#8220;PS Business Parks&amp;#8221; name.&lt;/font&gt;&lt;/div&gt;
&lt;div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"&gt;&amp;nbsp;&amp;nbsp;&lt;/div&gt;
&lt;div style="display: block; margin-left: 18pt; text-indent: 36pt; margin-right: 0pt;" align="justify"&gt;&lt;font class="_mt" style="display: inline; font-size: 10pt; font-family: Times New Roman;"&gt;Any reference to the number of properties, square footage, number of tenant reinsurance policies outstanding and the aggregate coverage of such reinsurance policies are unaudited and outside the scope of our independent registered public accounting firm&amp;#8217;s review and audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board.&lt;/font&gt;&lt;/div&gt;
&lt;div style="display: block; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;" align="justify"&gt;&amp;nbsp;&amp;nbsp;&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;&lt;!-- body --&gt;&lt;/div&gt;&lt;/div&gt; &lt;/div&gt;</NonNumbericText>
          <NonNumericTextHeader>1.


Description of the Business




&amp;nbsp;&amp;nbsp;
&amp;nbsp;&amp;nbsp;
Public Storage (referred to herein as &amp;#8220;the Company&amp;#8221;, &amp;#8220;the Trust&amp;#8221;,</NonNumericTextHeader>
          <FootnoteIndexer />
          <hasSegments>false</hasSegments>
          <hasScenarios>false</hasScenarios>
        </Cell>
      </Cells>
      <ElementDefenition>No definition available.</ElementDefenition>
      <ElementReferences>No authoritative reference available.</ElementReferences>
      <IsTotalLabel>false</IsTotalLabel>
    </Row>
  </Rows>
  <Footnotes />
  <ComparabilityReport>false</ComparabilityReport>
  <NumberOfCols>1</NumberOfCols>
  <NumberOfRows>2</NumberOfRows>
  <HasScenarios>false</HasScenarios>
  <MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel>
  <SharesRoundingLevel>UnKnown</SharesRoundingLevel>
  <PerShareRoundingLevel>UnKnown</PerShareRoundingLevel>
  <HasPureData>false</HasPureData>
  <SharesShouldBeRounded>true</SharesShouldBeRounded>
</InstanceReport>
