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Sole Proprietorships are the most common form of business structure. This is a simple business to form or operate and the owner(s) can enjoy greater flexibility on management, legal controls, and fewer taxes. The business owner is personally liable for all debts incurred by the business because it is a Sole Proprietorship.
General Partnership ? Is a business made up by two or more people (usually not married), who all agree to contribute money, labor, and skill to the business. Each partner shares the profits, losses, and management duties. Each partner is also liable for all debts of the partnership...
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