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Forms of Business Organization
Question
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Give any three differences between partnership and sole proprietorship firms. 

Answer

Points of difference

Partnership

Sole proprietorship

1. Legislation

Partnership Act 1932

No specific legislation

2. Agreement

There may be an agreement between partners.

No agreement is required.

3. Secrecy

Business secrecy cannot be maintained.

Business secrecy is maintained.

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Some More Questions From Forms of Business Organization Chapter

What do you understand by co-operative society?

Define company.

What do you understand by a Private Company?

What do you understand by a Public Company?

Under what circumstances, is a partnership form of business organisation suitable ?

Write a short note on 'implied agency', one of the important characteristics of partnership and also true test of partnership.

Would you say that the sole proprietorship involves a lengthy and expensive procedure for its registration?

Explain whether the liability of a sole proprietorship is limited to the extent of his share in business.

Only the Karta has unlimited liability in HUF. Explain.

Define 'Partner by Holding Out'.