Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 19 - No. 18)
What is a key difference between a sole proprietorship and a partnership?
A partnership has more owners.
Partnerships have lower liability
Partnerships are easier to set up.
Partnerships are taxed differently.
Explanation
Sole proprietorship is a business owned by one person. In a partnership, there are two or more owners.
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