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What is Sole Proprietorship & Partnership about?

A sole proprietorship is a business owned and managed by one person, who bears all profits and losses, while a partnership involves two or more individuals sharing profits and losses based on a partnership deed. Sole proprietorships are easy to start and offer full control but come with unlimited liability and limited capital, whereas partnerships allow for shared resources and skills but also face challenges like potential conflicts and unlimited liability. Both business types lack a separate legal entity,

Author

humaira.fatima

Language

EN