Distinguish between
1) Sole Trading Concern and partnership firm
Answers
Answer:
Sole Trading Concern and Partnership Firm. - Organisation of Commerce and Management | Shaalaa.com.
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Solution.
Basis of Difference Sole Trading Concern Partnership Firm
Sharing of profits and losses Profits and losses belong to the owner. Profits and losses are shared among the partners in a predecided ratio.
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Answer:
Basis Difference Sole Trading Partnership Firm
1. Meaning Owned and controlled by only one person Two or More persons come together for partnership firm
2. Formation Sole trading can be formed by any one at any time Partnership firm can be formed by an agreement between two or more persons
3. Ownership Only one person can be owner Partnership firm owned by two or more and maximum 10 in banking and 20 in other firms
4. Registration Registration is not necessary Not necessary but useful [compulsory in Maharashtra]
5. Secrecy Maximum Secrecy Partners share secrecy
6. Managerial Management lies on owner Contributed among partners.
7. Capital Amount of capital is very small Capital is high as partners contribute.
8. Profit and Loss Proprietor himself receive all profit and loss. profit and loss are shared by partners
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