Answer to Question #82246 in Accounting for Amaka

Question #82246
Differentiate between Sole Proprietorship, Partnership and Incorporated Organisation using three sentences.
1
Expert's answer
2018-10-23T11:18:09-0400

A Sole Proprietorship is owned and run by one person, so the owner receives all profits and is responsible for all loses and obligations. A partnership involves two or more partners who share profits in proportion to their participation or are liable for obligations. Incorporated organizations are created by a group of people with some purpose, they are controlled by individuals appointed by the members and their profits can be shared between members or not.

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