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Sole Proprietorship or Partnership Business?

Heatman

Heatman

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When it comes to how you like to run and manage your business, do you like taking up a business project as a Sole Proprietor or start out with a Partner?

Most of the reason why some go into business partnership is because of lack of resources to start the business single handedly.

Do you like being a Sole Proprietor or start up a partnership business?
 
I have a milk tea business and I do not have a partner. I want to manage my business alone I do not like another person to dictate or correct me especially if there are no bases. Having a partner in business is good if the business is big to be manned by one person.
 
I prefer being a sole proprietor than going into partnership with another. I am currently running a small business, so it is a lot easier for me to handle the business and make decisions on time. I believe my business would grow to a level where i might have need for a partner, but i think for now running a sole proprietorship business is better.
 
I prefer a sole proprietorship business to partnering with other people, because I don't like things happening that could damage the continuity of the business if I choose the wrong partner.
 
@astutimeliana723 said:
I prefer a sole proprietorship business to partnering with other people, because I don't like things happening that could damage the continuity of the business if I choose the wrong partner.
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Yes Exactly what you said is correct.. Finding a good business partner is not easy nowadays.. It may cause several difference of opinion in profit sharing & other business activities
 
There's also peace of mind once manage our business solo. But if a business is big, it's advisable to have business partners. There's teamwork and when a problem arises, many heads could spill the best solutions.
 
To be honest if you want a business to thrive and be attractive to investors and creditors for potential expansion then it is better to be a partnership business with delegation of duties and responsibilities.that builds credibility and will make the flow of business to be uninterrupted because there will always be someone taking care of things.
 
Starmix said:
There's also peace of mind once manage our business solo. But if a business is big, it's advisable to have business partners. There's teamwork and when a problem arises, many heads could spill the best solutions.
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Large businesses can still have sole ownership, and we can still have a good and professional team to run existing business operations.
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Ebenz said:
Yes Exactly what you said is correct.. Finding a good business partner is not easy nowadays.. It may cause several difference of opinion in profit sharing & other business activities
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There is a case where a multinational company owned by several people later had problems, and one of them was forced to step aside even though he was originally the originator of the business idea. Then build his own brand with similar products.
 
@astutimeliana723 said:
Large businesses can still have sole ownership, and we can still have a good and professional team to run existing business operations.
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There is a case where a multinational company owned by several people later had problems, and one of them was forced to step aside even though he was originally the originator of the business idea. Then build his own brand with similar products.
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It is very necessary for a big company to have partners which is why companies are named corporated like our big companies here in Ph like NESTLE Philippies, Incorporated. It cannot be manned by one person.
 
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Augusta said:
i would love to go solo on my business. So it would be solo proprietor for me. I have my business idea and I know I would be in the right position to execute it.
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It's proven to myself in my business which I do solo. I have the completed freedom and satisfaction on the way I managed my business. Having a partner is good if can be trusted and reliable foremost having the same mindset as ours.
 
It is good to have a partner in business because we feel safe and secure. It is also good to have someone to talk to related to problems in business rather than resolve it alone however there are businessmen who prefer to do business solo. There are reasons and only they know, the same case as mine. I do business solo to avoid headaches of agreements in case, there is miscommunication.
 
I know someone that owns his own business. Originally he was going to become a 50% ownership partner to the guy who owned it, but the guy died, and the wife who didn't know the business, had my friend run it. Eventually my friend bought the business from the woman, but hasn't gotten a partner for it. He spent quite a bit of money to purchase the business, and has quite a bit of work ahead of him, to make sure he stays afloat. The business he purchased has quite the bit of monthly expenditures for the focus of the business.
 
The type of business should depend on the nature of the business and it's scale, If it is only a micro business and small scale business sole proprietorship is better. If it's a big business venture then a corporation is the best option. Partnership is the better option if the business is engaged in providing services or consultancy. Example a law firm must have partners so that the business can prosper.
 
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