Do you prefer partnership business ahead of sole proprietorship business?

[Sincerem]

When it comes to business mode of operations, individuals have their own preference. Some people love the partnership business cos of advantages of sharing business responsibilities with another as a result of not having adequate funds to single handedly run it. While others never loved partnership type of business cos of the risk attached to it. They never loved to share business burden, ideas, responsibilities with any one. They prefer to manage and run it on their own without any extra body input or support. I choose the sole proprietorship type of business than the partnership type. Cos I love to be my own boss, manage my own business the way it pleases me and not sharing responsibilities with any one else.

Which one do you prefer, partnership or sole proprietorship business initiative??

 

[Nurudeen]

I prefer sole proprietorship Business to partnership business reason been that if your partner is not that kind of a serious person the business Will be totally based and managed by the second partner but the unserious fellow in the business will be hoping to get good profit at the end of the month despite not working

 

[Richard92]

I prefer sole proprietorship business more than paternership business in the area of decision making, as a sole proprietor you can make speedy decision without any interruption but in the case of partnership you need the full consent of your partner before you can make any valuable decision.

 

[Ifective]

It depends entirely on how big the business is or how you plan to expand in the long run
For a small business, a sole proprietor might be a good idea if the person can handle everything that comes with the business.
However, as time goes on, if there is a need for expansion, and the person finds it difficult to take care if the business as a whole, then a partnership could be required for such business

 

[Kelvin7656]

A sole proprietorship is a business owned by only one person.
A partnership (or general partnership) is a business owned jointly by two or more people.
Me o think I would go for both because it only depends on your amount of capital. So if your capital is enough for sole trading fine.

 

[Alogakho Esson]

I only key into partnership when the individual don't have Capital to starte the business at this level you are left with no choice but sole proprietor is the best it give you space and Access to innovation

 

[tyrim88]

There are advantages as a sole proprietor and also choosing to go into partnership. I will go with having a partnership business, because apart from risk sharing and funds coming from both sides, the ideas and contributions, responsibility and work scheduled sharing are some of the plus in partnership.

 

[Mariyam]

I prefer sole proprietorship business more than paternership business in the area of decision making, as a sole proprietor you can make speedy decision without any interruption but in the case of partnership you need the full consent of your partner before you can make any valuable decision.

I am in the favour of sole proprietorship business because one can make his on decisions without even relying on his partner . Person himself is responsible for all his benefits and losses without any conflictions.

 

[Richmond funke abosede]

A partnership (also known as a “general partnership”) is when two or more people operate a business that is not officially registered as an entity with the state. In a partnership, there is no distinction between the business and its owners. The owners and the business are considered the same legal and tax-paying entity. Individuals in a partnership share legal, financial, and management responsibilities for the business. Partnerships usually have a partnership agreement that spells out the division of ownership and duties among the business owners.

 

[Sincerem]

I prefer sole proprietorship Business to partnership business reason been that if your partner is not that kind of a serious person the business Will be totally based and managed by the second partner but the unserious fellow in the business will be hoping to get good profit at the end of the month despite not working

Lol, that's the reason why i opt for sole proprietorship business than partnership business. I just want to be my own boss and not relying on another persons help that might not be necessarily instrumental in driving the business forward.

 

[Seyesystem]

To me I will prefer sole proprietorship to partnership,Sole proprietorship is far better than partnership if you have you the capital because you are the boss of your business and you can take decision without waiting for any partners and in terms of profit you have the profit all to yourself. But partnership you can't take decision alone and when it comes to profit you have to shares it among the partners. Partnership may lead to conflict and dissolution of the business.

 

[Onachukwu]

I think sole properietor is better that partnership because over your business. You make all important decisions, and you’re generally responsible for all day-to-day activities. In exchange for assuming all this responsibility, you get all the income earned by the business. Profits earned are taxed as personal income, so you don’t have to pay any special federal and state income taxes.

 

[Koldej]

This is a very wonderful topic, partnership business and sole proprietorship business as you have mentioned has it own advantage and disadvantages, I believe that the major reason why people involve in partnership business is the ability of sharing the risk and fund. In what ever case it may be I have always prefer sole proprietorship

 

[Adegbindin Abdullahi]

I prefer sole proprietorship to a partnership business because in partnership business they can slit at any business and again you won't be able to decide for the company but in sole proprietorship you can decide for your company and it's you to your business

 

[Sariana23]

Personally, I would love to have my own business, without any association. As you describe it, being in society can lead to problems that I prefer to avoid, since it links legal situations and enmities that I do not like. Without a partnership, I am not responsible to anyone nor do I have to give explanations for my actions.

 

[Sammyesx]

If I happen to have all the funds needed to start up my business then I will certainly prefer a sole proprietorship business. Though partnership business dies have its advantages, for someone involved in more than one business, partnership will be idea.

 

[joy101]

I think I prefer sole proprietorship than partnership, because partnership business with someone that you didn't trust can bring the business down, that's why I prefer sole proprietorship business because I like running business on my own than to partner with someone.

 

[EMMANUEL]

I will rather go for partnership business, and the reasons is that in partnership business the risks bearing are shared between the numbers of partner's in the business, also when making decision, it gives all partners an avenue to bring in their ideas and when approved financing the project will be a contribution between both partners.
Execution of project are made easy when you are into partnership business.

 

[Kayzzy3]

When it comes to business mode of operations, individuals have their own preference. Some people love the partnership business cos of advantages of sharing business responsibilities with another as a result of not having adequate funds to single handedly run it. While others never loved partnership type of business cos of the risk attached to it. They never loved to share business burden, ideas, responsibilities with any one. They prefer to manage and run it on their own without any extra body input or support. I choose the sole proprietorship type of business than the partnership type. Cos I love to be my own boss, manage my own business the way it pleases me and not sharing responsibilities with any one else.

Which one do you prefer, partnership or sole proprietorship business initiative??

I prefer sole proprietorship to partnership because I will have all the time to myself, I can comfortably implement any idea I feel will grow my business and would not have to explain to anyone why.

On the other hand, partnership business give you leverage to do bigger businesses and do big contracts. It also exposes you to new experiences.

 

[Judee201]

The most important thing is documentation. There must be a partnership deed and agreement that is legally binding. Not only in case the business collapses, but also helps when business grows so as not to have issues with ownership and equity in the buisness. Partnership is good when it involves the right person.

Pls let's contribute to this important issue so that upcoming entrepreneurs can learn from us.