Sole proprietorship and partnership which one is better?

[Maheen]

If you have enough capital to start your venture then go for sole proprietor ship but if your capital is not enough then make partner with your terms and conditions written properly on law paper so both the partners will follow the terms and will bear the loss and profit

 

[Abbeyola]

My dears I am going to start a small business and my two friends are saying me to do partnership with them. But I don't know what I say to them because I couldn't protest to them. So please guide me what I do now??

Both has it advantage and disadvantages
For sole proprietor you make all the decisions and take the risk alone also enjoy the profit alone
While in partnership revise is the case,but when there is high level of understanding among partners it goes down well

 

[GIFTMICHAEL]

Partnership business is a business of two or more persons and it has it's own limitations as well.
The reason why i prefer a sole proprietorship business is that it belongs to one person. If the person fails he will not hold anybody accountable for the failure of that business.

 

[Alexandoy]

It would largely depend on the type of business if sole proprietorship or partnership is better. It will also depend on the kind of business partner. If you are into retailing and your prospective business partner is good in marketing with many connections then he will be an asset. But if you are better than him when it comes to operation then he might just be a "free-wheeling rider" to learn the operation to your disadvantage. In the long run sole proprietorship is still the best because you can have the full control of your business.

 

[Seun4luv]

The patnership has several advantages over a sole proprietor ship it's relatively inexpensive to set up and subject to few government regulations. Partner pay personal income taxes on their share of profits; the partnership doesn't pay any special taxes.

 

[WhiteHouse]

Thoroughly relies on the nature and size of the business you are wanting to do. Most retail organizations are best worked out of ownerships however most expert organizations are beat run as partnerships.

 

[sam386150]

Sole proprietorship and partnership,for me I like partnership because two brain are better than one, you can plan with your partner you can invest successfully, so I like partnership.

 

[Kgudners]

Sole proprietorship can die if there isn't enough funds but there is no one dictating of issues. But partnership only have issue if there isn't a signed agreement before the starting of it. But it can't die because it isn't only on a person.

 

[Kinglegend01]

Both of them have their advantages and disadvantages but if I was to choose I would choose sole proprietorship.A sole proprietorship is a one-man business which all the risks and responsibilities are in the hands of the owner, the decision can be made at anytime. talking about the issues with your friends wanting to partner with you in the business?

 

[Robrown83]

I will surely agree with sole proprietorship because what is yours it is surely yours which nobody can compete it with you. You will have freedom over the business and take decision if your own.

 

[Nathaniel]

To me...sole proprietorship is better..this is because you are definitely the boss of urself which enables you to make decisions urself...but u will definitely bear profit and risk alone

 

[Ralphjoe]

In the general opinion most people will go for partnership as a better kind of business as it generates higher profits than sole proprietorship but for me the sole proprietorship business is the best kind of business due it to the fact that it generates small profit compared to the partnership.

The sole proprietorship gives a business owner the Independence to take business decisions without having to consult any other person and all the profit of the business belongs to the sole trader as a against partnership whereby the partners shares the profit system

 

[Kelly5]

My dears I am going to start a small business and my two friends are saying me to do partnership with them. But I don't know what I say to them because I couldn't protest to them. So please guide me what I do now??

To me concerning a sole proprietorship or partnership in business choic, that would depend on the type of partnership. If it's a business that might be to too cumbersome for me alone, it may require going into partnership.

 

[tuna89]

From my experience the best i prefer is sole proprietorship. I have learnt my lessons not to set up businesses with partners, you may notice that your partner may not have the same motive as you as well as the same Better Decisions and these habits would definitely draw you backward. I prefer a situation where I own my business and employ professionals who are innovative into the business for better movement of the business.

 

[Seyesystem]

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.

 

[Niftyyem]

Both types have their advantages and disadvantages. Depending on each person, it may work differently with those involved. If you find yourself in a situation where you can not run the business alone maybe because of capital or ideas, the partnership is an excellent option.

 

[Caali]

The answer, depends primarily on how you plan to structure your business. If you plan to be the sole owner, Sole Proprietorship is the option to choose. If you want to set up a business together with someone else, you will have to set up a Partnership.

 

[Godleads1]

I would prefer a partnership business to a sole proprietorship. Reason been that the decision and bearing of loss is not the burden of an individual compared to the sharing of burden and profit. Also, the other partner could own something that the other doesn't have to make the business a success.

 

[Dorcey]

The only thing that should prompt us to venture into partnership is lack of money. On a serious note, partnership is not advisable because of lack of trust or even some partners may not be dedicated to the jobs.

 

[Aminat]

Sole proprietorship is better than a partnership business because in sole proprietorship you can't decide for the company without the others consent but in sole proprietorship is one man to is business. Both have their advantages and their disadvantages