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can someone tell me the difference ?

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tuk boy
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can someone tell me the difference ?

Postby tuk boy » Fri, 31 Mar 2006 7:23 pm

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 :???:

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Strong Eagle
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Postby Strong Eagle » Fri, 31 Mar 2006 10:14 pm

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.


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