Sole proprietorship and partnership is the same category of business or business registration in nature.
Partnership is not equal to Sdn Bhd.
You need to declare profitability issue in a simple way, don't need accountant or auditor for that. Although most also employ accoutant to do, it is not a must. As long as you report your business profitability issue and pay tax accordingly then will be fine.

Sdn. Bhd. is different story, it is a limited company which need company secretarial, accountant and auditor to do the financial report properly and annually.

The owner of sole proprietorship (same for partnership) has higher risk than Sdn Bhd, as in Sdn Bhd, whatever personal asset has nothing to do with the company (that's why the word limited come from) but in sole proprietorship, personal asset can be part of it if the business has liability in it. That's the major difference.

Simple way,
Sole proprietorship/partnership - personal business
Sdn Bhd - company (personal issue not related)

Correct me if I am wrong. Just my swallow knowledge about it.

This post has been edited by cherroy: Dec 13 2007, 08:53 PM