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Com Sec Exam

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Submitted By allymagbert
Words 2822
Pages 12
|Q1a) |Advantages / Disadvantages of Sole Trader, Partnership, Limited Company |
| | |
|Ans.: | |

|Advantages Partnership or sole proprietorship |Disadvantages of Limited Company |
|A company has to be formed and registered pursuant to the |A company has to be formed and registered pursuant to the |
|provisions of the Companies Ordinance (Cap32), whereas a |provisions of the Companies Ordinance (Cap 32), more |
|partnership is just and agreement between the partners, which |restrictions should be followed. |
|may be oral or even inferred from conduct. | |
|A sole proprietor can carry out business without having to | |
|comply with any formality. | |
|The administration and management of a company is governed by |The administration and management of a company is governed by |
|the Companies Ordinance, which does not apply to a partnership |the companies Ordinance and its articles of association. |
|or sole proprietorship. | |
|The accounts of a partnership or sole proprietorship are never |The accounts of public companies have to be filed with the |
|open to public inspection, whereas the accounts of public

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