everything else equal, including firm size, dollar sales, type of product sold, and so forth, the primary difference between proprietorship and partnership business forms is that

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19-12-2022
Business

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everything else equal, including firm size, dollar sales, type of product sold, and so forth, the primary difference between proprietorship and partnership business forms is that

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-12-22T05:45:07-05:00

The owner of a sole proprietorship is entitled to all firm profits but is also individually accountable for all debts, which is the main distinction between proprietorship and partnership business structures.

Being "personally liable" implies that a plaintiff who wins a court Proprietorship judgement against your business may be able to satisfy it using your personal assets, such as your bank account, home, or automobile debts. This is possible because you own the business. The term "personal liability" refers to when you are held legally liable for an accident that results in either proprietorship damage or bodily harm within or outside of your home.

To learn more about Proprietorship, click here.

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