Sole proprietorship or partnership which is better in business

[Reedex]

I do not like partnership business for any reason as I would always prefer to stick with the sole proprietorship because it gives me rest of mind and there is no impending conflict in the future.

 

[cherry123]

i think now is to go for the one that works for you not necessarily about the one that's better it can be better but it might not be a good fit for you

 

[uptrendfinancialsignal]

I prefer sole proprietorship business to partnership business.

 

[IB D]

The problem with young entrepreneurs in my country is that they believe that you must be a sole owner of a business. I prefer partnership. It makes running the business easier especially financially.

 

[uptrendfinancialsignal]

A sole proprietorship business is far better than the partnership business because it will be better managed.

 

[Niyi Briggs]

Partnership is better but sole proprietorship will give you peace of mind. You will know how to pioneer your business by yourself instead of waiting for others to take decisions for you

 

[Bisolami]

Partnership is better but sole proprietorship will give you peace of mind. You will know how to pioneer your business by yourself instead of waiting for others to take decisions for you

You will even be able to do things on your own in sole proprietorship business without the consent of the other party and there will be nothing like disagreement and things of such

 

[eldavis]

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

Yes same here, though both have their own advantages and as well disadvantages but when it comes to doing the business alone i would not have to worry about waiting for others before making a decision.

 

[Bisolami]

Yes same here, though both have their own advantages and as well disadvantages but when it comes to doing the business alone i would not have to worry about waiting for others before making a decision.

You are right that you will not have to worry about other people before you make decision but there are times when you may even take the wrong decision so that is a disadvantage

 

[astutimeliana723]

I think the partnership is better, because he will build a business network. But with the condition that the partner is someone who can be trusted and honest in running his business.

 

[Bisolami]

I think the partnership is better, because he will build a business network. But with the condition that the partner is someone who can be trusted and honest in running his business.

It is good but it depends on each individual because some people do not like anything that has to do with partnership since they feel they can do their things alone.

 

[astutimeliana723]

It is good but it depends on each individual because some people do not like anything that has to do with partnership since they feel they can do their things alone.

Yes you are right, I agree with you. Usually introverts who prefer to work alone. So that sole ownership is better for him, because he doesn't like to interact with many people.

 

[Bisolami]

Yes you are right, I agree with you. Usually introverts who prefer to work alone. So that sole ownership is better for him, because he doesn't like to interact with many people.

Someone like me also prefers to work alone not because I want to be appreciated alone but I love to do my things without the interference of any other person

 

[Stardom22]

For me I am in deep love with the sole proprietorship. The reasons behind this being as the sole owner for the business I would have a fully control of the business which can result into more profits.

 

[Niyi Briggs]

With a partnership, you can have access to bigger finances and resources. Projects are easily funded and executed because they would be contributions from both parties. I would take a partnership business though.

 

[aovurevu]

With a partnership, you can have access to bigger finances and resources. Projects are easily funded and executed because they would be contributions from both parties. I would take a partnership business though.

You are very right, and also in partnership loss is more easy to bear than sole proprietorship as it is just like sharing the losses among the individual partners which will be hard for just one person to bear.

 

[Heatman]

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

Personally, I don't have any problems with running a business partnership as long as I can get someone who's committed.

 

[Niyi Briggs]

You are very right, and also in partnership loss is more easy to bear than sole proprietorship as it is just like sharing the losses among the individual partners which will be hard for just one person to bear.

It is true that the liability is easier to bear. And it is easy for a partnership to rise after a setback because the loss would not have been too much weighing on one person like a sole proprietorship business.

 

[cherry123]

This depends on the kind of business one want. sole proprietorship is good for only having the profit to yourself but partnership is more easy to bear since it consists of more people

 

[astutimeliana723]

Someone like me also prefers to work alone not because I want to be appreciated alone but I love to do my things without the interference of any other person

I am also the same as you, I am an introvert who tends to be a perfectionist. So it's hard to trust people to do my job. I also don't like interaction with many people.