Top Differences between the Sole Proprietorship and Partnership Firm.
Abstract Sole Proprietorship and Partnership Firm The main difference lies in ownership and liability. One individual owns a sole proprietorship and has unlimited personal liability, while a partnership involves two or more owners who share liability. Keywords Sole Proprietorship and Partnership Firm, Learning Outcomes After undergoing this article you will be able to understand the difference between the sole proprietorship and partnership firm? Overview A sole proprietorship is a business owned and operated by one individual, offering complete control and liability, while a partnership involves two or more individuals who share ownership, profits, losses, and liabilities, requiring collaboration and shared decision-making. Let's understand the most important difference between sole proprietorship and partnership. Differences between the sole proprietorship and partnership firm The differences between the sole proprietorship and partnership firm are as follows