3 Write difference between bale proprietorship
and partnership .
Answers
Answer:
A sole proprietorship has one owner, while a partnership has two or more owners. Sole proprietorships and partnerships are common business entities that are simple for owners to form and maintain. The main difference between the two is the number of owners.
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Answer:
A sole proprietorship is one of the oldest forms of business establishment that places an individual at the command of business. He will bear the profits as well as be accountable for the losses arising from the business. There is no distinction between assets and liabilities of a business and that of its owner in a sole proprietorship.
It is one of the popular types of business to set up, with minimum documentation and ease of formation. It also helps to avoid double taxation. An individual owns a sole proprietorship, and he is known as a sole proprietor.
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A partnership is a type of business that is formed by a group of two or more individuals. In such a business, the members mutually agree to bear the profits and losses. The profit of the business is shared between the members. Consequently, the losses are also distributed among the members.
The members involved in the Partnership are known individually as partners or agents of the firm, while they are collectively known as a firm. A partner in the firm will be liable for the actions of the other members of the firm.
The members of the firm are bound by the Partnership Deed, and no member can take a sole decision without consulting the other partners
Explanation:
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