Proprietorship
- Owned by one person
- Only one person has the responsibility of the business
- Only one capital
- Usually a service business
- All the revenue goes to one person
- Uses an 8 column journal
Partnership
- Owned by two or more people
- Everyone involved shares the responsibility
- More than one capital
- The revenue is dived up among the partners
- Usually a merchandising business
- Uses an 11 colomn journal
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