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Business ownership
What are the main features of sole traders?
Sole traders, also known as sole proprietors, are individuals who own and operate their businesses. The main features of sole traders include unlimited liability, full control and decision-making authority, and the ability to retain all profits. They are personally responsible for the business's debts and obligations.
How do partnerships differ from other types of ownership?
Partnerships involve two or more individuals sharing ownership and management responsibilities, whereas other types of ownership, like sole proprietorship and corporation, have single owners or multiple shareholders with distinct roles and liabilities.
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