| dc.description.abstract | For healthy, sustainable and developed national
market economy in any given country it is vital to have a
strong small and medium scale businesses at the bottom
tier in the country’s commercial pyramid and a balance
array of legally different business structures; companies,
partnerships and sole proprietorships. Even though both
domestically and internationally high attention and
extensive debates were constantly placed on company law,
the focus and the importance assigned to sole
proprietorship and partnership laws in local and
international legal spheres are questionable? This paper
examined the efficacy of the legal principles emerged and
exists pertains to sole proprietorship and partnership under
commercial law long ago in modern business context. Study
addresses the characteristics and inherent limitations of
the sole proprietorship and partnership laws due to their
quazi- legal personality. Study further explored the tension
between the present Sri Lankan legal framework of sole
proprietorships and partnerships against the practical
issues encountered by such entities. The paper originated in
the principle dilemma between the significant contributions
made by the sole proprietorships and partnership
businesses to the national economy against the poor legal
attention and priority placed for sole proprietorships and
partnership laws in the commercial law domain with
special reference to Sri Lanka. Study carried out by way of
legal analysis of blackletter law buttressed with primary
data gathered through interviews with domestic sole
proprietors and owners of partnerships to exemplify the
domestic legal pitfalls and lacunas pertains to the sole
proprietorship and partnership laws comparative to other
jurisdictions namely United States, UK, Germany and
France. | |
