Question

In an essay of at least two well-developed paragraphs, describe the similarities and differences between partnerships...

In an essay of at least two well-developed paragraphs, describe the similarities and differences between partnerships and sole proprietorships.

no Plagiarism please

Homework Answers

Answer #1

A sole proprietorship is a business owned and operated by one person (owner). Partnership is owned and operated by two or more owners or partners

Both are unincoporated entities and are considered to the same as the owner. The owner and entity are same. The taxes on profit or losses for both are declared by their owners on their personal income tax return and both are personally liable for all debts and losses of the business entitity.

The differences between soleproprietorship and partnership are in the number of partners and the sharing of profits and losses among them.

In soleproprietorship there is only one owner and he will share all profits and losses. In partnership there should be a minimum of 2 and they will split the profits and losses.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In one or two paragraphs describe the main differences between the two systems between IFRS &...
In one or two paragraphs describe the main differences between the two systems between IFRS & GAAP
Please list and describe TWO similarities and TWO differences between stem cells and cancer cells. *Include...
Please list and describe TWO similarities and TWO differences between stem cells and cancer cells. *Include details about the underlying cellular processes that lead to the similarities. In other words, WHY do the two cell types share common traits even though they are so different?
Please provide at least 3 similarities and 3 differences between insurance companies and depository institutions both...
Please provide at least 3 similarities and 3 differences between insurance companies and depository institutions both in terms of their function as well as the make-up of their balance sheet.
please write an essay of complete and well composed paragraphs (200 word minimum for the entire...
please write an essay of complete and well composed paragraphs (200 word minimum for the entire essay) where you identify a workplace or social organization you are familiar with and describe the key groups, structure, and relationships between the groups. How does the structure of the organization affect the way it makes decisions?
Give two similarities and at least two differences between the universal gravitational force discovered by Newton,...
Give two similarities and at least two differences between the universal gravitational force discovered by Newton, and the electrical force discovered by Coulomb
Describe the similarities between the IBQ and the CBQ and differences
Describe the similarities between the IBQ and the CBQ and differences
Describe the similarities and differences between estimating proportions and estimating the differences of proportions.
Describe the similarities and differences between estimating proportions and estimating the differences of proportions.
Describe two similarities and two differences between sea urchin gastrulation, frog gastrulation, and bird gastrulation.
Describe two similarities and two differences between sea urchin gastrulation, frog gastrulation, and bird gastrulation.
Analyze two (2) similarities and two (2) differences between a Bimaristan as the first proper hospital...
Analyze two (2) similarities and two (2) differences between a Bimaristan as the first proper hospital in Baghdad with the modern hospitals. write essay
Describe two similarities and two differences between nerve impulse conduction (salutatory conduction) and chemical synaptic transmission.
Describe two similarities and two differences between nerve impulse conduction (salutatory conduction) and chemical synaptic transmission.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT