Difference Between Partnership And Company
One of the biggest decisions to make while deciding to start your own business is deciding the business structure while incorporating the business. A business entity gives an organised structure to the enterprise and is formed and administered as per corporate law in order to engage in business activities.
When talking about businesses and the various types of business entities that can be chosen from, let’s remember a quote by Steve Jobs where he pointed out that “Great things in business are not done by one person. They are done by a team of people”. This thought of his, when translated in terms of business entity, makes it clear that while choosing a business structure, it is better to work together with someone, whether another partner or a team of shareholders and supporters. This means that a partnership or company wins over a sole proprietorship.