A sole trader is a person who solely owns a business . In sole trading, the business and the person is considered as one hence the individual have to bear the profits and losses of the company. While partnership is a business comprised of two or more individuals
A partnership has various advantages. It's inexpensive to set up and there are few government regulations. While in a partnership the partners pay personal income taxes on their share of profits, they don't have to pay special taxes for being in a partnership.
Speedy will have to adapt and change as he is entering into a partnership.
He will have to consult his partner for making decisions, he cannot solely take any decision that might have adverse effect on the business.
He will have to discuss his needs and expectations with his partner. He should also be aware of his partners expectations. It prevents any misunderstands between them.
