Question

Ahola BrainliCs

Write two difference between partnerships and sole partnership.

Thanks :)

Answer 1

$\textbf{\textsf{Differnce\:between\:partnerships\: and\:sole\:partnership}}$

◆$\textbf{\large{\underline{\underline{Basis}}}}$

● Risk

$\textbf{\large{\underline{\underline{partnership}}}}$

● partners Jointly bear the risks

$\textbf{\large{\underline{\underline{sole\:partnership}}}}$

●Only proprietors bear all the risks

◆$\textbf{\large{\underline{\underline{basis}}}}$

●Division Of profit

$\textbf{\large{\underline{\underline{partnership}}}}$

● Profits are divided among the partners as decided in the partnership deed.

$\textbf{\large{\underline{\underline{Sole\: Partnership}}}}$

● All the profit is for propietors only.Though all the taxes is to be paid by him as an individual no involvement of others.

A sole proprietorship is considered a disregarded entity for income tax purposes.

Answer 2

$\red{ \huge{ \underline{ \overline{ \mid{ \bold{ \purple{ \: \: ANSWER \: \: \red{ \mid}}}}}}}}$

$\underline{ \underline{ \purple{ \textsf{ \: \: The \: \: difference \: \: between \: \: Partnership \: \: }}}} \\ \underline{ \underline{ \purple{ \textsf{ \: \: and \: \: Sole \: Proprietorship \: \: business \: \: are \: \: }}}}$

$\bold{\textsf{\red{1.}\: \: Partnership \: \: business \: \: is \: \: governed \: \: by}} \\ \bold{\textsf{the \: \: Partnership \: \: Act ,\: \: 1932.}} \\ \\ \bold{\textsf{Whereas ,\: }} \\ \\ \bold{\textsf{There \: \: is \: \: not \: \: any\: \:separate \: \: act \: \: governing }} \\ \bold{\textsf{sole \: \: proprietorship \: \: business.}}$

$\bold{\textsf{\red{2.}\: \: \: In \: \: partnership \: \: business \: \: there \: \: are}} \\ \bold{\textsf{minimum \: \: of \: \: 2 \: \: and \: \: maximum \: \:of \: \: 20}} \\ \bold{\textsf{members \: \: in \: \: ordinary \: \: business \: and \: \: maximum}} \\ \bold{\textsf{of \: \: 10 \: \: members \: \: in \: \: baking \: \: business.}} \\ \\ \bold{\textsf{Whereas,}} \\ \\ \bold{\textsf{There \: \: is \: \: only \: \: one \: \: member \: \: in \: \: a \: \: sole}} \\ \bold{\textsf{proprietorship \: business \: \: who \: \: is \: \: the \: \: owner}} \\ \bold{\textsf{of \: \: the \: \: business.}}$

$\bold{\textsf{\red{3.}\: \: In \: \: partnership \: \: business \: \: the \: \: partners \: }} \\ \bold{\textsf{jointly \: \: bear \: \: the \: \: risk \: \: of \: \: the \: \: business.}} \\ \\ \bold{\textsf{Whereas,}} \\ \\ \bold{\textsf{In \: \: a \: \: sole \: \: proprietorship \: \: business \: \: the}} \\ \bold{\textsf{owner \: \: solely \: \: bears \: \: all \: \: the \: \: risk.}}$