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A sole-proprietorship is a business owned by one person or one company. There are no partners. The sole-proprietor has absolute say in the running of the business.
A partnership is a business firm formed by two to twenty partners. Once there are more than twenty partners, the partnership must be registered as a company under the Companies Act.
A sole-proprietor / partner may notify ACRA that the business is no longer in operation by filing the 'Notice of Cessation of Business'.

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