In the repo with the code, linked to from a sensible wiki that serves only as an index
Because I do not see business documentation evolving with code. And depending on what the code does, business documentation could be much more important than technical documentation.
Some departments do stupid things like duplicating information. We use confluence to describe the requirements, the concepts, then point to the right locations.
Take IPs, some departments have pages and pages with the same IP, subnet, etc in