What are the advantages/disadvantages of a sole proprietorship v. a general partnership?

Answer by  Platypus (180)

The only difference between a sole proprietorship and a general partnership are the number of people involved. A sole proprietorship can only have one person and a general partnership must have two or more people. The advantage to a sole proprietorship is autonomy and the disadvantage is that one person bears all the risk. A GP is exactly the opposite.

Answer by  blrVoice (1054)

There are many differences. A sole proprietor is on it's own, it's difficult to go on holiday or to take sick leave. In a general partnership there are more ways to accumulate investments into the business and the risks are shared. Unfortunately the profits are shared and also taxed higher.

Answer by  tamarawilhite (17883)

In a general partnership, you must share the profits with other partners. In a sole proprietorship, you retain all profits. In a sole proprietorship and a partnership, you are also personally liable for business debts unless you've set up a limited liability corporation.

Answer by  silk (5)

Adv: You can make all the decision by yourself without having to adhere to other peoples requests. Disadv: You won't likely get the same consultation from workers compared to partners.