Anonymous
Feb 3
Define Sole Proprietorship, Partnership, Companies with examples each?
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Feb 3
Sole Proprietorship:
A sole proprietorship is a business structure where a single individual owns and operates the business. The owner has complete control over the business and is personally liable for all debts and obligations. Some examples of sole proprietorships include small retail stores, freelance businesses, and local restaurants.
Partnership:
A partnership is a business structure where two or more individuals share ownership and responsibility for the business. Partners contribute capital, share profits and losses, and participate in decision-making. There are two main types of partnerships: general partnerships, where all partners have unlimited liability, and limited partnerships, where there are both general partners with unlimited liability and limited partners with limited liability. Examples of partnerships include law firms, accounting firms, and consulting companies.
Companies:
Companies refer to legal entities that are separate from their owners and have limited liability. There are different types of companies, including private limited companies, public limited companies, and corporations. Private limited companies have a limited number of shareholders and their shares are not publicly traded, while public limited companies have shares that are publicly traded on stock exchanges. Corporations are large companies that have a separate legal existence from their owners and shareholders. Examples of companies include Apple Inc., Microsoft Corporation, and Coca-Cola Company.
A sole proprietorship is a business structure where a single individual owns and operates the business. The owner has complete control over the business and is personally liable for all debts and obligations. Some examples of sole proprietorships include small retail stores, freelance businesses, and local restaurants.
Partnership:
A partnership is a business structure where two or more individuals share ownership and responsibility for the business. Partners contribute capital, share profits and losses, and participate in decision-making. There are two main types of partnerships: general partnerships, where all partners have unlimited liability, and limited partnerships, where there are both general partners with unlimited liability and limited partners with limited liability. Examples of partnerships include law firms, accounting firms, and consulting companies.
Companies:
Companies refer to legal entities that are separate from their owners and have limited liability. There are different types of companies, including private limited companies, public limited companies, and corporations. Private limited companies have a limited number of shareholders and their shares are not publicly traded, while public limited companies have shares that are publicly traded on stock exchanges. Corporations are large companies that have a separate legal existence from their owners and shareholders. Examples of companies include Apple Inc., Microsoft Corporation, and Coca-Cola Company.
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