A Sole Proprietorship also referred to as a Sole Trader, is an unincorporated business that has just one owner who pays Personal Income Tax on profits earned from the business
It is the easiest type of business to establish or take apart, due to less restrictions. As such, these types of businesses are very popular among Sole Owners of Businesses, Self-Contractors and Consultants.
A Partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities.
There may be tax benefits to a partnership compared to a corporation. Usually, Professionals like doctors and lawyers form a limited liability Partnership
Multi National Corporation (MNC)
A Multi National Corporation (MNC) is usually a large corporation incorporated in one country which produces or sells goods or services in various countries. These corporations are large in size and all their worldwide activities are centrally controlled by the parent companies
Major Tasks performed by an MNC
i) Importing and exporting goods and services
ii) Making significant investments in a foreign country
iii) Buying and selling licenses in foreign markets
iv) Engaging in contract manufacturing that is permitting a local manufacturer in a foreign country to produce its products
v) Opening manufacturing facilities or assembly operations in foreign countries