The primary disadvantages of sole proprietorship would be:
- Sole responsibility for the business
- They have the sole legal responsibility for the business
- They would have tax liability
- They would have issues with hiring workers
What is sole proprietorship?
This is the term that is used to refer to the individual that is in an entrepreneurship. This is a person that would have to have an enterprise that they run on their own that has no distinction between the owner of the business and business itself.
What is referred to as partnership?
This is the type of business that is run by two person or more. The partners in the business are the ones that would have equal claims to the business and they would share in all that concerns the business.
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