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A Meta Business Portfolio holds:
  • The business’s WhatsApp Business Account (WABA)
  • Meta apps
  • Ad accounts
  • Team access
It’s created (or selected, if one already exists) during WhatsApp setup, and it’s what ChatSyncs connects into. About the name: Meta renamed Business Manager to Business Portfolio a few years back, but the rollout wasn’t instant everywhere — so some screens, emails, and older help articles still say “Business Manager.” Both names point at the exact same container; there’s nothing separate to create for either one.

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Frequently asked

Yes — Business Portfolio is Meta’s current name for the same account container previously called Business Manager.
Yes, either the embedded signup flow creates one for you on the spot, or you select an existing one if the business already has it.
For the full breakdown — including how it relates to Business Settings and Meta Business Suite — see What Is a Meta Business Portfolio? in the Meta WhatsApp API reference.