Yes, as a U.S. citizen, you can still own and operate a business in the U.S. while living abroad. There are no legal restrictions preventing U.S. citizens from managing U.S.-based businesses from overseas. Thanks to technological advancements and the global nature of today's economy, it's increasingly common for entrepreneurs and business owners to operate their businesses remotely from anywhere in the world.
Depending on the structure of your business and your role within it, you may have additional reporting requirements.
Know more about your filing requirements here: Small Business Tax Return Preparation