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What are the pros and cons about partnership firms and proprietor firms?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 rohith asked over 3 years ago

What are the pros and cons about partnership firms and proprietor firms?

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Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered over 3 years ago

Hiii friend..... - In Partnership Business the ownership is shared with 2 or more persons and in sole proprietor only one owner. - These both are easy to form with less paper work and these both are not separate with that of owners i.e. not separate entity. - In sole proprietor decision can be taken by himself he has complete control, but in Partnership the decision must be supported by major partners to get in effect. - These both have unlimited liability for Business lawsuits, obligations and liability. - In sole proprietor capital is raised by only one but in partnership the capital is contributed by many. - The business continuity in case of proprietor ends when sole proprietor dies but it continues if any partner dies in case of partnership. And there are many pros and cons for these business types.

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