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Describe the differences between a sole proprietorship, a partnership, and a corporation as business entities, including their advantages and disadvantages from a legal perspective.

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Question

Describe the differences between a sole proprietorship, a partnership, and a corporation as business entities, including their advantages and disadvantages from a legal perspective.

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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