Sole Proprietorship
Sole proprietorship. According to Twin (2013). A sole proprietorship, also known as a Sole Trader or a proprietorship, is an unincorporated business with only one owner who is responsible for paying personal income tax on the company’s profits.
Partnership
Partnership. According to Kopp (2023) partnership is an agreement between two or more people to manage a business and share earnings and liabilities. All members of a general partnership corporation share both profits and liabilities.