advantages and disadvantages of sole proprietorship and partnership business.

[Wiserr]

we all know that partnership is a form of business where by capital,assets,business ideas and everything about the business are brought together by two or more than two people,in the case of company it is not owned by single individual but group of people with there various ideas,at the end profit and gain are shared among the individuals
while sole proprietorship is a type of business were by everything is owned by single individual,such as capital,business idea and skills,at the end of everything gain and profit is owned by the owner of the company
I am very sure they all have advantages and disadvantages
advantage of partnership include business ideas and capital are brought together by each individual, while the difficulty this type of business usually face is that some individual tends to be lazy rather than having the same mind set to do things that will bring success of the business
advantage of sole proprietorship include gain and profit is owned by single individual ( that is business owner).while the disadvantage include stress and much efforts is required because work tends to be much.
can you share more light about the advantage and disadvantages of sole proprietorship and partnership business folks?

 

[Holicent]

If you're thinking of starting a business, there are many advantages to doing so as a sole proprietorship. Here are some of the top reasons to consider starting your own business with this type of structure:

No taxes or filing requirements. You don't need to file any paperwork with the IRS or other government agency, because you're the only person who pays taxes on your own profits.

No payroll taxes. If you've hired employees for your new business, you'll have to pay them a portion of their wages through payroll taxes, which can add up quickly. However, if you choose to be a sole proprietor, you pay all the payroll taxes for your employees and no other taxes on your own income.

Tax benefits for owners who itemize deductions in addition to personal exemptions. Non-wage compensation such as capital gains and dividends are not subject to payroll tax withholding when paid to an owner-employee unless adjusted gross income exceeds certain limit.

 

[King bell]

If you are an entrepreneur, chances are you have considered opening a business. There are many options to explore when it comes to deciding the best entity option for your new business.

Partnerships can offer some significant benefits as far as expenses and tax consequences go, but there can also be significant risks involved with this type of venture that must be carefully considered before moving forward with one. Sole proprietorships may not offer all the same tax benefits, but they do not come with any associated required paperwork which can make them much easier to maintain on a day-to-day basis from an administrative perspective.
While a sole proprietorship is not a legal entity, it is still required to be treated as such by the IRS in order to claim business expenses and financial deductions. Both types of entities are required to maintain adequate records of their operations in order to properly comply with all tax obligations and must continue on as business entities for future tax years. It is very important that you understand the unique needs of both types of businesses to ensure that you are making the most informed decisions possible with your new venture.

 

[Richee84]

Sole proprietorship is a form of business owned by one single individual or by one man while partnership is a form of business owned by two or more person base on their partnership deed.
These two type of business has their own advantages and disadvantages respectively. Some of these advantage and disadvantage are listed below;
ADVANTAGES OF SOLE PROPRIETORSHIP
1) Easy to start; One of the advantage of a sole proprietorship is that is very easy to start since is been own and control by one person. The capital to start the business is relatively small in nature.
2) Fast decision making; Because of the nature of this kind of business, decision making is very fast since is only one person that take decision for the business.
3) Profit Sharing; The profit on a sole proprietorship is own by the owner alone and he or she will not share his or her profit with anyone else.
DISADVANTAGE OF A SOLE PROPRIETORSHIP
1) Risk taker; In sole proprietorship the owner bear the risk of the business alone. So if there is looses in the cost of the business, he bear the looses alone.
2) Access to large capital or loan; Due to the size of this kind of business, there is always a limit to the capital or loan they can access.

 

[Frankdan]

Sole proprietorship, which is type of a business owned by individual, has many advantages and as well as disadvantages. Some Advantages are:
Quick decisio making: decision making in sole proprietorship is quick. You can decide whatever you want to do in your business.
Profit is not shared: In sole proprietorship, the owner take all the profit the business generated, unlike partnership.

Some of the Disadvantages are:
Limitations of the business growth: The business managed by just an individual most time, don't develop as it ought to.
Incase of the business suffer loss, the owner bear the brunt alone: if the business suffer loss, the owner will suffer the loss alone.

Partnership: A type of business owner by two or more people.
Advantages:
Large capital to start the business: The capital to start the business will be large as all those involved in the business pull their resources together to start the business.
The business growth Is not limited: Because more one person come together to strategize on the business mad also contribute when the need arises, the grow in short time.

Disadvantages:
Slow decision making: The decision making in partnership is not quick, unlike sole proprietorship.

 

[Mika]

A sole proprietorship business means you are the only owner of the business, When you are the only owner, you have full control over your business, every penny you make is yours, and every decision you make is yours. However, this comes as a great disadvantage because you bear the entire losses, you invest the entire money, and you take all risks. You also run the business alone and you do not have any helping hand if you want to get someone to help you need to hire a paid staff. Partnership business is thought to be very risky because every disagreement between the partners will ruin the business entirely. The partners also always strife to take control of decision-making. The advantages include, you have someone to bear the risk, you have someone to help you to run and manage the business, and you also have someone to invest in the business.