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what is the difference between a sole trader and a club or societies

Sagot :

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A sole-proprietorship has one owner who has unlimited liability for the business.

A partnership involves two or more people who combine resources for the business and share profits and losses.

A corporation is considered to be a separate legal entity from its shareholders. For tax purposes a corporation is a “Person”.

A trust or estate usually has beneficiaries that benefit from it. A trust can include an inter vivos trust (gifted during one’s lifetime) and a testamentary trust (given because of someone’s death) as explained in ITA 108(1).

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