Compare and contrast a general partnership to a sole proprietorship.
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Compare and contrast a general
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- Compare and contrast the (1) sole proprietorship and (2) partnership forms of business organizations. If a person were to start their own business, which of these 2 forms should they choose? Why?Every organization is formed into an entity of some sort, and is usually done to protect individuals from liabilities connected with business operations. If you were starting your own business, which entity formation would you use--sole proprietorship, partnership, LLC, or corporation? Why? Which entity formation would you never use? Why?Assume that you and some of your classmates will form a partnership of some type for the sole purpose of investing in real estate. You meet at your favorite restaurant and draft an informal agreement that will be the starting point of your new entity. Write that agreement. What would be your role relative to your partners?