Do you prefer partnership business ahead of sole proprietorship business?

[greenie]

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

 

[Syldan]

I will always prefer sole proprietorship compared to sole proprietorship in which profit are shared between the members of the cooperation. I will prefer a single handle of my profit and manage the risk of the profit.

 

[Omotayo]

I think they both have their benefits, personally I would prefer sole proprietorship to a partnership, that is id everything I need to succeed is available.

 

[Kaffyfolla]

Sole proprietorships are inexpensive and easy to form. As long as you’re the owner and in charge of operations, there’s no need to formally register your business or notify federal or state offices. The only fees involved are those needed to register your business name, and to attain the appropriate licenses and permits.

The necessary licenses will vary according to your industry and operations, with certain licenses required to handle food and alcohol, operate a storefront and put up a sign, or run a business from your home. Other than these requirements, starting a sole proprietorship happens inadvertently when you’re working as a contractor or freelancer and trading under your personal name.

 

[Heatman]

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.

The only reason why I would be open to running a business on a partnership grant is if I don't have the financial capacity to run my business all by myself.

 

[Kvngsammy]

I'd definitely go the way of partnership simply because of the type of business I want to delve in and the capital necessary.
If I get someone who wants to partner, I'll definitely appreciate and I'll go without thinking twice.

 

[jay]

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

This is actually the main reason why a lot of people who are jumping into partnership business are really doing it because they need to merge funds together in order for them to carry out to the business.

 

[Grandeur]

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.

But what about the limitations of a sole proprietary business like the limitation of funds to one partner, no pooling of ideas with partner, no room for expansion etc does that still make it better

 

[Heatman]

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.

Seriously as long as I have my capital complete in my hands I don't see any reason why I should go into partnership business when I can actually do it all by myself.

 

[Shigobad20201]

Sole proprietorships are inexpensive and easy to form. As long as you’re the owner and in charge of operations, there’s no need to formally register your business or notify federal or state offices. The only fees involved are those needed to register your business name, and to attain the appropriate licenses and permits.

The necessary licenses will vary according to your industry and operations, with certain licenses required to handle food and alcohol, operate a storefront and put up a sign, or run a business from your home. Other than these requirements, starting a sole proprietorship happens inadvertently when you’re working as a contractor or freelancer and trading under your personal name.

Like you just said , sole proprietorship are mostly to start while some are actually expensive but its better than joint business cooperation in the sense that you have to be your own boss.

 

[Grandeur]

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.

But do you know that as a sole proprietor, you are limited to certain restrictions like funding because you have to be the one to find a way to find the big sum of money a business needs to grow.

 

[jay]

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.

This is why a lot of people are very comfortable with going into a partnership business because they get to share everything there is about a business including losses and gain.

 

[Heatman]

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.

If I don't have the capital to run my business as a sole proprietor I am definitely going to results to starting a partnership business and work of plans on how to separate in the future.

 

[tyrim88]

This is why a lot of people are very comfortable with going into a partnership business because they get to share everything there is about a business including losses and gain.

That is very true,apart from that,there are other things one need to look out for,the issue of expertise the other party is bringing to the table is another thing to consider,and also the issue of values,you must have the same values for things to work very well.

 

[jay]

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.

When you can actually run your business successfully without needing external ownership involved in it I don't see the reason why you are going to be looking to get into business partnership.

 

[Skysaint]

Well, for some reasons I would most likely go for the sole proprietorship business rather than being in a partnership business with someone else.
It's more like I like doing my things my own way and wouldn't want any external influence or have the need to take anyone's permission to effect a change I feel is necessary.

 

[Shigobad20201]

Creating my own business as a sole proprietorship is my dream rather than partnering with people. because ofnthe headache of fighting over business later in the year ,

 

[Heatman]

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.

Actually the truth of the matter is that sole proprietorship and partnership actually good business running option as long as you know how to exploit the business pattern.

 

[jay]

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.

Depending on how the partnership business is structured and believe that you can also have time for yourself as long as they are the structures on how the business is supposed to be carried out.

 

[Shigobad20201]

Depending on how the partnership business is structured and believe that you can also have time for yourself as long as they are the structures on how the business is supposed to be carried out.

I will prefer going into patnership business if the total gain there will be huge and i realises i wont have any problem in the future with my business patner, but in rather prefer being a sole proprietorship.