Question
Distinguish between sole proprietorship, partnership and company.
Answer :
Word Count : 622
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Skip in 10
A sole proprietorship, partnership, and company are three common forms of business organization. They differ in terms of ownership, legal status, liability, management, capital, continuity, and regulation. Understanding these distinctions is important for selecting an appropriate form of business based on its objectives and scale of operation. A sole proprietorship is the simplest and oldest form of business organization. It is owned, managed, and controlled by a single individual. The owner and the business are legally the same entity. All profits belong to the proprietor, but the proprietor also bears all losses and has unlimited liability. This means that if the business assets are insufficient to pay debts, the proprietor's personal assets may also be used. Decision-making is quick because there is only one owner. The business can be started easily with minimal legal formalities and requires
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