What business are you talking about? Every company as there own standards, sure. But the general standard in most companies in this country is that that would be unacceptable. Upper management major meetings will usually be attended in a suit at large companies. Tie is optional. Middle management meetings depends, often times it's just whatever office attire is. Owners and executive officers of really wealthy companies often opt for just a collared shirt and dress pants for internal meetings, they've got nothing to prove.
And office standards are generally either business casual (collared shirt and dress pants) or slightly below that (collared shirt and jeans). Every company has their own policies though, with some like google foregoing the whole business attire thing. But most companies will not abide you walking in dressed in gym clothes.
Now some employees do get away with stuff like this by constantly whining and threatening to file a hostile work environment complaint or some such, but most of the time no. And of course, this doesn't go in to the fact many larger companies have a uniform of some kind.
And of course, I am describing male attire here.
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