Question

which circumstance one should change from sole-proprietorship to partnership from of business? give your opinions​

Answer 1

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A sole proprietorship is a one-person business that, unlike partnerships and other more complex business structures (corporations and LLCs), doesn’t have to register with the state to exist. If you are the sole owner of a business, you become a sole proprietor by merely conducting business.

Sole Proprietorship Pros

Sole proprietorships are some of the most common forms of small businesses, mainly due to the numerous benefits they provide.

• It is by far the easiest type of business to start since most states do not require sole proprietors to register their business with their Secretary of State.
• There are also fewer regulations about having a board of directors (since it will just be you) and recorded meetings.
• Another obvious bonus is that you have no one to answer to but yourself, having the ability to set your own work schedule and routine.
• You also don’t have to share your profits with anyone (unless you hire employees, of course).

Answer 2

Answer:

The business should be changed from sole-proprietorship to partnership when the number of owners changes from 1 to 2

Explanation:

A business with 2 owners is the responsibility of both the owners. The profit or loss is shared by both the owners and the business is registered on both owners