what is thecminimum and maximum numbers of member in sole trade
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Minimum number of partners is 2.
Maximum number of partners is 10 .
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Answer:
The minimum number of members is 2
The maximum is 10 in banking and 20 in other firms.
Explanation:
A sole trader, also known as a sole proprietorship, is a simple business establishment in which one person operates and owns the whole business. A sole trader exists allowed to retain all earnings after taxes have been subtracted but is also accountable for all losses the business incurs.
The following are the features of a Sole Trader.
- Ownership by one man. This is owned by a single person.
- Freedom of work and Quick Conclusions. Since the person stands himself as owner, he need not consult anybody else.
- Unlimited Liability.
- Enjoying Entire Profit
- Lack of Government Regulation.
- No Separate Entity.
- The minimum number of members is 2 and the maximum is 10 in banking and 20 in other firms.
Hence, in a sole trade,
The minimum number of members is 2
The maximum is 10 in banking and 20 in other firms.
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