Question

Difference between sole proprietorship and partnership and joint hindu family firm

Answer 1

Difference between sole proprietorship and partnership and joint hindu family firm:

Answer 2

Sole proprietorship:

• It is signed or made between owners.
• The deciding authority lies in the hands of the owner.
• The capital for this concern is limited.

Partnership:

• It is signed or made between two persons who are involved in particular business concept.
• The deciding authority is the partner who has given the power.
• It enjoys limited but can be obtained more after certain procedures.

Joint Hindu family firm:

• It is signed between members of the Hindu family involved in property sharing.
• The deciding authority is Karta.
• It receives capital from the property of the ancestors.