Legal forms of business - legal forms - proprietorship

5 important questions on Legal forms of business - legal forms - proprietorship

How does propietorship work legally?

The business is not seperated from the owner: owner has unlimited liability for the debts

Financial statements of the business are....

Prepared separately from the proprietor's other financial affairs

Does a proprietorship have to publish it's financial records to third parties?

No
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Difference between partnership and proprietorship

Partnership has more than one owners

Two main forms of partnership

General partnership and limited partnership

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