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CHAPTER 1 : INTRODUCTION TO [ENTREPRENEURSHIP] (:), Sole Proprietorship/…
CHAPTER 1 : INTRODUCTION TO [ENTREPRENEURSHIP]
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a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity
A sole trader does not necessarily work 'alone'—it is possible for the sole trader to employ other people.
The sole trader receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts.
A sole proprietor may use a trade name or business name other than their or its legal name. They may have to legally trademark their business name if it differs from their own legal name, the process varying depending upon country of residence.
Company
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- A business entity incorporated under the Companies Act 1965. The owner and the company are two separate entities.
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Partnership
A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.
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