Sole Proprietorship and Joint Venture
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Liability and Life of a Sole Proprietorship
- The sole proprietor is personally liable for all obligations of the business
- A sole proprietorship cannot exist beyond the life of the sole proprietor. It may be terminated at any time.
Tax Treatement and Transferability of a Sole Proprietorship
- Profits and losses from the business flow through the business to the sole proprietor.
- A sole proprietor is free to transfer his interest in the sole proprietorship at will.
An association of persons or entities with the itnent of engagin in a single-business venture for profit.
Key difference between a Joint Venture and General Partnership
A Joint venture is formed for a single transaction or project or a related series of transactions or projects.
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