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advantages and disadvantages of sole proprietorship and partnership business.
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[QUOTE="Frankdan, post: 267449, member: 88461"] 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. [/QUOTE]
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