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Sole Trader and Partnership Task

This document compares sole traders and partnerships as business structures. A sole trader is a one-person business where the owner and business are the same entity and the sole trader has unlimited liability. A partnership is a business owned by 2-20 people through a deed of partnership that outlines profit sharing, roles, capital contributions, and dispute resolution procedures, with partners having joint ownership and control but also potential disputes between partners.

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Marcus McGowan
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© Attribution Non-Commercial (BY-NC)
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128 views

Sole Trader and Partnership Task

This document compares sole traders and partnerships as business structures. A sole trader is a one-person business where the owner and business are the same entity and the sole trader has unlimited liability. A partnership is a business owned by 2-20 people through a deed of partnership that outlines profit sharing, roles, capital contributions, and dispute resolution procedures, with partners having joint ownership and control but also potential disputes between partners.

Uploaded by

Marcus McGowan
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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SOLE TRADER

Definition One man/woman business


Ownership Sole Trader owns business. Owner and business are the same
Finance & Profit
Control
+ -

Definitions

Unlimited Liability -

PARTNERSHIP

Definition A business owned by several people 2-20

Deed of Partnership – contract dealing with share of profits, roles


and duties, capital contributed, dispute procedures
Ownership Owned
Finance & Profit

Control

+ -

Definitions

Deed of Partnership –

Silent Partner -

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