accounting (sole trader/partnership) help!?

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accounting (sole trader/partnership) help!?

if a sole trader wishes to admit a new partner into his business, how would he treat his accounts?
does he has to prepare his final accounts before accepting the new partner? please help!

2007-10-11 00:15:31 · 2 answers · asked by namankada 1 in Business & Finance ➔ Corporations

2 answers

A sole proprietor cannot have a partner. The day he admits a partnership, his sole proprietorship ceases and the partnership begins. Before admitting a partner, you usually discuss what assets or liabilities to bring over or do they all remain the responsibility of the sole prop.?

2007-10-11 00:43:31 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋

a sole trader is a businessman/woman jus one person there are two sectors public and private.if you are ltd you are a private company in the private sector

2016-05-21 04:13:42 · answer #2 · answered by ? 3 · 0⤊ 0⤋