Register now or log in to join your professional community.
Proprietership --> Business owned by single person
Partnership --> Business owned by2 or more persons (Registration is not compulsory but can be done on Partnership Deed with local authorities)
Partnership --> Business owned by2 or more persons (Registration will be with securties and exchange commission)
A proprietorship is a business owned by one person.
Two or more people who join together to form a business make up a partnership. This can be done on an informal basis without a written partnership agreement, or a contract can spell out the rights and responsibilities of each partner.
A limited liability company is a hybrid between a partnership and a corporation. Profits and losses pass through to the members. Members generally enjoy limited liability.
Corporations are legal entities separate from their owners. To form a corporation, the owners specify the governing rules for the running of the business in a contract known as the articles of incorporation. They submit the articles to the government of the state in which the corporation is formed, and the state issues a charter that creates the separate legal entity.
1. Proprietership is having own business by single.
2. Trading with more than one person is called partnership
3. Business governed by Company Law Act with Memorandum of Association and Articles of Association with legal entity, conducting of Meetings as per Company Law Act is called Corporate
