How does a corporation differ from a sole proprietorship or partnership?
A partnership is an arrangement where entities and/or individuals agree to cooperate to advance their interests. A joint partnership would be the same thing. In a sole proprietorship, the owner has the liability for the business debt, in a partnership, this responsibility is shared etc
Answered -
Older Answers
In a sole proprietorship, the owner has the liability for the business debt, in a partnership, this responsibility is shared.More?
Answered -
Corporations are a separate entity from the owners and need filing to form, where a sole proprietorship are not and don't need.
Answered by Brittany A. -
Partnerships and sole proprietorships do not provide limited personal liability for business debts. Thanks for choosing ChaCha!
Answered by Scott R. -
Related Questions
-
What is the difference between a private and government corporation?
To put it simply private corporations are owned by the people...
-
What is the difference between a closely held corporation and a publicly held corporation?
A closely held corporation is one whose most (but not all) is...
-
How is accounting for a partnership different from accounting for a corporation?
When a partnership is formed or a partner is added and contri...
-
What is the difference between individual and corporate income tax?
Corporate income is taxed twice -- once as corporate income a...
-
What is the difference between a partnership and a corporation?
A Partnership is an association of persons joined as partners...
Comments