can someone tell me the difference ?

[tuk boy]

between sole proprietor n partnership.
i only know that sole proprietor is 1 person, while partner ship consist of 2 or more person.. any other difference?
thanks alot

[Strong Eagle]

Under a sole proprietorship, you are personally responsible for all debts of your business. Under a general partnership, the same holds true. Under a limited liability partnership, you are separated from the obligations of the company, including being sued, much like a corporation.

LLP's require more paperwork but in my opinion are worth it because of the legal separation of business debts from personal worth.