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Setting up a business structure requires a particular format or a particular ownership approach and that is very vital or important in case of setting up a business structure. This is essential in order to set up a legal base and a legal form for the business structure and also helps in positive-progress or advancement of the business.
The liability of individuals and the liability of partners in a proprietary company are different and that is to be discussed here so that a clear knowledge about the same can be achieved and at the same time more information and idea can be brought in for this.
Duties owed by partners to each other and duties owned by directors in companies are different and a brief about that can be provided so that an understanding can be gained about the same and the same time an understanding about the difference between the two types of duties can also be known.
The Partnership Act defines the duties and responsibilities of the partners towards each other in a better way and that is very important in this case. On the other hand company, directors are not the partners they are a part of board members and in some cases, they can be the shareholders.
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