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Question
Sole Trading Concern and Partnership
Solution
| Basis of Difference | Sole Trading Concern | Partnership Firm |
| Formation | It is formed at the will of the owner | It is formed with a mutual agreement among the partners. |
| Management and control | It is managed and controlled solely by the owner. | The management and control of the ownership are shared by the partners. |
| Sharing of profits and losses | Profits and losses belong to owner. | Profits and losses are shared among the partners in the pre-decided. |
| Number of members | Only one member (owner) runs it | In case of banking business, the maximum number of members is 10 while for others it is 20. |
| Governance | There is no regulating act to govern it. | It is governed by the Indian Partnership Act |
| Decision making | Decision making is rapid, as all the decisions are taken by the sole proprietor. | Decision making is delayed as it requires the consent of all the members. |
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RELATED QUESTIONS
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Group 'A' |
Group 'B' |
||
| (a) | Sole trader | (1) | Compensation upto Rs 20 lacs |
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| (6) | Minimum seven members | ||
| (7) | Maximum secrecy | ||
| (8) | Compensation more than Rs 20 lacs | ||
| (9) | International market | ||
| (10) | Minimum secrecy | ||
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