Answer:
When converting a firm from a sole proprietorship to a partnership, the following financial rights are forfeited:
Keeping the entire profit
Having complete control
A sole proprietorship is a type of business in which just one person controls the company. When two or more persons have a say in the business, it is referred to as a partnership.
In this scenario, while converting a business from a sole proprietorship to a partnership, the individual no longer has complete authority and cannot keep all of the profits.
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Explanation:
