There is generally no registration or filing fee. Liability is unlimited. The sole proprietorship is dissolved upon the proprietor's death. Ownership of the company name and assets may be transferred. Management freedom is absolute.
Capital is limited to the proprietor's personal capital.
Income from the business is taxed as personal income to the proprietor. A partnership is a voluntary association of two or more persons to carry on, as co-owners, a business for profit. There is generally no registration for filing fee. Liability is unlimited. Unless the partnership agreement specifies otherwise, the partnership is dissolved upon withdrawal or death of a partner.