Main Features Of Sole Proprietorship, Unlimited Partnership And Limited Liability Partnership

Sole Proprietorship1) Sole Proprietorship- When referring to a sole proprietorship it refers to a business which does not have an independent existence from the owner of the business. There is a single owner. Thus the losses and incomes are taxed on the basis of the personal income tax return of the individual (Pickernell et al., 2011). A sole proprietorship is perhaps the simplest form of business under which a person can carry on his or her …