0
A sole trader is an individual who owns a business entirely where as, a partnership is a busines entity comprised of two or more individuals.
A sole trader would become personally liable for paying the debts where as in partnership, personal liability is shared, meaning that all partners will be liable to cover the compay's debts.
A sole trader is solely responsible for the financial dealings where as in partnership, all partners contribute towards capital in the firm.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Why is a partnership better than a sole trader?
BECAUSE IF YOU MESS UP YOUR PARTNER GOT YER BAK FOOL
What is a function of the sole trader?
Sole trader it means Sole trade agence?
What is the liability of sole trader?
a sole trader has a limited liability. :)
Is body shop a sole trader?
Yes body shop is a sole trader.
Why is it easier for a sole trader to obtain a bank loan?
it is not easy for a sole trader to get a loan so easily as the business is new and the bank ownt know if the sole trader will be able to repay the loan.
Compare and contrast sole proprietor and partnership?
When comparing and contrasting sole traders and partnerships it is essential that you consider what the question is asking - compare means similarities and contrast means differences. COMPARE A sole trader AND a partnership both have unlimited liability, except where there is a sleeping partner, who would not be affected by this. A sole trader AND a partnership both operate in the private sector of business. A sole trader AND a partnership both have similar goals or objectives - survival, make a profit, increase market share. A sole trade AND a partnership are both likely to financed in a similar way, ie bank loan, personal savings or from friends and family. CONTRAST A sole trader is owned by ONE person WHEREAS a partnership can be owned by anything between 2 and 20 people. A sole trader has the final say in decisions WHEREAS a partnership can discuss decisions and get other people's ideas. A sole trader has full and final responsibility for the business and has to be a "Jack of all trades" WHEREAS in a partnership there can be specialisation of each partner. A sole trader gets to keep all the profit (if (s)he makes one) WHEREAS a partnership must share out the profit in pre-designated proportions.
How can a sole trader can be converted to a partnership?
By humping dogs
What is an example of an unincorporated business?
A Sole Trader or an Partnership
Explain the significance of limited liability to sole trader and partnership?
Type Explain the significance of limited liability to sole trader
What type of business a sole trader could change into?
a partnership.
What are the three main types of business organisation?
1.Sole Proprietor or Sole Trader 2.Partnership 3.Corporation or Company
Identify four departments of a typical business?
sole trader, partnership,private sector, and public sector
Is Microsoft sole trader or partnership?
Neither. It's a publicly owned company (sells regular and preferred stocks.)
Why is a partnership better than a sole trader?
BECAUSE IF YOU MESS UP YOUR PARTNER GOT YER BAK FOOL
Difference between sole proprietorship and partnership?
A sole proprietor is a person who is in business for themselves. A partnership is two or more people who are in business for themselves.
What is the role of a sole trader in the Kenyan economy?
A sole trader supplies clients with products they need at a convenient level. The trader is the link between wholesalers and customers.
Why would a sole trader change to a partnership?
so that they can save their business if it is going to become bankrupt or something. and then they can go into partnership with someone so that their business is save. What a load of poo
