Do you prefer partnership business ahead of sole proprietorship business?

[Keibah]

I prefer a sole proprietorship because it gives you total control of power and decision making over the business. Though a partnership can give you a wider scope of exposure. However, if a partnership is needful, I wouldn't consider equal shares. I'll have a special preference for having the majority of the shares.

 

[Heatman]

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??

Under normal circumstances, I would prefer to start a one man business, run it by myself, bear the risk, consequences and enjoy the profits all by myself. It gives me more peace of mind and energy to keep working since I know everything is mine for the taking.

 

[Psalmsavatar]

Unlike corporations, which by their nature, protect the business's principals from being held liable for its debts, neither partnerships nor sole proprietorships offer this protection. In a partnership, both owners are on the hook for debts, lawsuits and other problems. This has the effect of sharing the financial burden. It also means that both partners are liable for each other's mistakes and can be held accountable for fixing them.
A sole proprietorship is all on you. You sign for any loans and, if the company goes under, you're personally responsible for repaying them. So while you have the ease of making all the decisions, you're the only one legally liable for the business's debts and mistakes too.

 

[Tariq Shehzad]

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 am not in the favour of partnership as there is not a single person as an owner. That creates some problems and hurdles in the business. A sinlge perosn will be fully manage his business by giving his duties responsibility.

 

[abubakar3141]

I prefer partnership business because
Less formal with less legal responsibilities

A major advantage of partnership business is the lack of formality compared to managing a limited company.

The accounting process is usually easier for partners than limited companies. The partnership business does not need to file a corporation tax return, but you will still need to keep a record of income and expenses. The partnership tax return must be submitted to HMRC and each partner must file their self-assessment tax return with details of their profits from the partnership.

 

[Sincerem]

I am not in the favour of partnership as there is not a single person as an owner. That creates some problems and hurdles in the business. A sinlge perosn will be fully manage his business by giving his duties responsibility.

Okay, both partnership and sole proprietorship type of business has their own flaws and as well has their own merits. But I prefer sole proprietorship business just as you preferred based on the responsibilities i take as a single owner of the business.

 

[Afolabi]

I prefer sole proprietorship more than partnership because sole proprietorship is a business owned by one person .partnership on the other hand is a business owned by two to three qindividuals who come together to set up a business entity.q

 

[Heatman]

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

Exactly, it's actually why most people shun away from starting up a business based on partnership because when you have an unserious business partner, it will make the business more difficult for you and you will still end up sharing the profit.

 

[DEXTERFIDEL]

i prefer sole propriatorship ahead of partnership, my reason is, in sole proprietorship capital is raised by one person, therefore he takes decision and determines the direction of business flow, where he needs more ideas, he pays for the ideas and can scrutinise where necessary before implementing. but, in partnership, there is usually this issue of personal and contradicting interest due to multiple ownership

 

[Jlife]

Partnership business is always very interesting if you are doing it with supportive group of friends and trusted individual but because of how things are now anyone might not go into that type of business because they are afraid of getting trouble with their family members and friends, I like partnership business.

 

[Shayo]

I like both.
Presently, I'm practicing a sole proprietorship business which so far has been great profit wise, but I'm open to partnership deals in future. As the business grows, partners are needed to manage and put resources together to ensure further growth and expansion.

 

[Youngdee]

Partnership in business to me is better than owning all to yourself. Reason being that it brings together a diverse group of talented individuals who share responsibility for running the business. Second, it makes financing easier: The business can draw on the financial resources of a number of individuals. The partners not only contribute funds to the business but can also use personal resources to secure bank loans. Finally, continuity needn’t be an issue because partners can agree legally to allow the partnership to survive if one or more partners die.

 

[Diamond07]

I would prefer a sole proprietorship business to a partnership if I have enough capital to set up. In partnering, people can't be trusted and in terms of responsibilities they might not be putting equal efforts to the growth of the bus6

 

[Philip Omotayo]

Sole proprietorship is the best business for me. The reason is that, it makes you take responsibility for either your loss or gain. One controls the affairs of the business without fear. Partnership in business could be bring about creating trust issue. It could also lead to lagging behind. Due to the fact that, not everyone would be efficient as other. It may bring about separation of interest.

 

[marky]

A sole ownership is a business claimed by just a single individual.
An association (or general organization) is a business possessed mutually by at least two individuals.
Me o figure I would go for both in light of the fact that it just relies upon your measure of capital. So if your capital is sufficient for sole exchanging fine.

 

[Divulgence]

The below listed items are the reasons I prefer partnership to sole business
It regulates the rights, duties, and liabilities of each partner.
It helps to avoid any misunderstanding between the partners because all the terms and conditions of the partnership have been laid down beforehand in the deed.
Any dispute between the partners may be settled easily as the partnership deed may be readily referred to.
It clears confusion as to what should be the profit and loss sharing ratio between partners.
It clearly mentions who does what. Individual partner’s roles can be defined.
Partnership deed can also contain clauses which clarifies what should be remuneration (salary) to partners. Usually, remuneration is paid to working partners. However, interest payment is done to all partners who have brought in capital in the business

 

[Hdre3m3n]

I would prefer a sole proprietorship business to a partnership business becaus the capital requirement for sole proprietorship is smaller in amount than partnership business.

 

[Holluwaphemmy]

I prefer partnership ahead of sole proprietorship because It help all members pool resources together hereby leading to the maximization of profits. The only restrictions or problems of involving in partnership is the problem of trust

 

[Miracles04]

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.

 

[Abibatabosede]

I prefer a sole proprietorship in business. This is because you are the owner of dream, you plan the business, you make the decision which you believe is the right decision for the business progress and enjoy the return of investment all by yourself.