difference between sole proprietorship and partnership
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The most obvious difference between partnership and sole proprietorship is the number of owners the business has. "Sole" means one or only, and a sole proprietorship has only one owner: you. Conversely, it takes two or more to form a partnership, so this type of entity has at least two owners
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A sole proprietorship is an unincorporated entity that does not exist apart from its sole owner. A partnership is two or more people agreeing to operate a business for profit.
The Partnership firm is governed by the Partnership Act and a Sole Proprietorship is not governed by any specific statutory body.
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