Sole Proprietorship and Joint Venture

• The sole proprietor is personally liable for all obligations of the business
• A sole proprietorship cannot exist beyond the life of the sole proprietor. It may be terminated at any time.

• Profits and losses from the business flow through the business to the sole proprietor.
• A sole proprietor is free to transfer his interest in the sole proprietorship at will.

An association of persons or entities with the itnent of engagin in a single-business venture for profit.

A Joint venture is formed for a single transaction or project or a related series of transactions or projects.