Can a business be owned by both a sole trader and partnership (1 Viewer)

[Smile1]

Hey,
It probably seems like a really stupid question, but I am doing a business report on a company and the manager mentioned something about them being both a sole trader and partnership.
How can I tell. If a business name is "______ and Associates" does that make it a sole tradership and partnership?
Thanks in advance

 

[Tophel]

I don't think so.

The name itself wouldn't tell you if it is a partnership or a sole trader. For example, if a plumber may call his business Smith & Sons but if he alone owns the business and is liable for its debts, then it is a sole trader.

Most businesses with names like _____ and Associates are usually "professional" (i.e. accounting, lawyers, etc) firms and are partnerships.

 

[Smile1]

Yeah that's what I thought. Thankyou for your help anyway.

 

[wayne_d]

A business can only be a sole trader or a patnership.
If it is a soler trader, the person who owns the business has full liabilty of the business, whilst a partnership has the liabilities shared between the owners.