Question

Sole trading concern and partnership firm ​

Answer 1

Answer:

Basic difference

1. Sole Trading- Meaning Owned and controlled by only one person

Partnership Film-Two or More persons come together for partnership firm

2. Sole Trading- Formation Sole trading can be formed by any one at any time

Partnership Film- Partnership firm can be formed by an agreement between two or more persons

3. Sole Trading- Ownership Only one person can be owner

Partnership Film- Partnership firm owned by two or more and maximum 10 in banking and 20 in other firms.