Sole proprietorship or partnership which is better in business

[cherry123]

Which of these two would you want to if you are starting a business. The two have their unique benefits but which is better?

 

[fcbetting]

It depends on what your abilities and possibilities are. If you have enough money and can control everything you can be solo owner. If one of these conditions you don't have, than you need partner.

 

[cherry123]

It depends on what your abilities and possibilities are. If you have enough money and can control everything you can be solo owner. If one of these conditions you don't have, than you need partner.

Yeah the disadvantage of a sole proprietorship is always doing everything alone which is not easy

 

[Mikky]

Partnership business is more advisable since there will be more capital and in case of loss it will be shared unlike sole proprietorship where only one person will bear the loss.

 

[fcbetting]

Partnership business is more advisable since there will be more capital and in case of loss it will be shared unlike sole proprietorship where only one person will bear the loss.

But partner can have different ideas in way of running business and there could be complication in partnership. If you are solo owner, you don't have such problems.

 

[Mikky]

But partner can have different ideas in way of running business and there could be complication in partnership. If you are solo owner, you don't have such problems.

There are a lot of complications in partnership but when all the share holders have a collective idea then there shouldn't be much fuss .

 

[Shavkat]

I prefer sole proprietorship than having partners in a particular business.

 

[Mikky]

I prefer sole proprietorship than having partners in a particular business.

Yeah, it also has a lot of advantages

 

[Shavkat]

Yeah, it also has a lot of advantages

I had seen the advantage of being solo in business. It is definitely less stress to handle or deal with.

 

[gammarays]

It's dependant on some certain prevailing conditions. If you're bouyant financially, running your business personally is best. You can partner with someone if you don't have the required money.

 

[Mikky]

It's dependant on some certain prevailing conditions. If you're bouyant financially, running your business personally is best. You can partner with someone if you don't have the required money.

Yeah, you can have the business idea but without enough capital so it will be best to partner with someone who has similar idea .

 

[gammarays]

Yes you're correct. Once you have ideas but you don't have money, it's better to team up with someone who can provide the capital. Terms and conditions must be specified accordingly.

Yeah, you can have the business idea but without enough capital so it will be best to partner with someone who has similar idea .

 

[Starmix]

Trust is very necessary i business, so if you are so doubtful about having a partner in business, do it solo.

 

[Mikky]

Yes you're correct. Once you have ideas but you don't have money, it's better to team up with someone who can provide the capital. Terms and conditions must be specified accordingly.

A partnership business should have a legal backing?

 

[Starmix]

You are so right, one must not operate illegally solo or by corporators.

 

[Mikky]

You are so right, one must not operate illegally solo or by corporators.

Yeah, it might cause a big problem for the business in future .

 

[Starmix]

That is correct and no one believes an illegal operator no matter how he makes it legal. Once a fraud remains a fraud.

 

[Mikky]

That is correct and no one believes an illegal operator no matter how he makes it legal. Once a fraud remains a fraud.

Exactly, once a fraud remains a fraud, I wouldn't even give it a second look no matter how changed it looks.

 

[cmoneyspinner]

Sole proprietorship IF you can handle all the aspects of the business on your own. Partnership IF you have a partner or partners that you can trust; be it family memebrs or friends.

 

[Mikky]

Sole proprietorship IF you can handle all the aspects of the business on your own. Partnership IF you have a partner or partners that you can trust; be it family memebrs or friends.

I like the fact that you stressed the IF