Describe the advantages of carrying on business as a partnership as opposed to a limited liability company.

Describe the advantages of carrying on business as a partnership as opposed to a limited
liability company.

Answers

1. Specialization: creates room for specialization particularly the professional firms.

2. Sharing of losses: this reduces the amount borne by a single partner.

3. Shared management: partners participate in the decision making process and in the management of the firms business.

4. Flexibility: can change the nature of business with the consent of all partners.

5. Easy to form: formation of partnership is not subject to legal formalities.

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raphael answered the question on April 15, 2018 at 17:35

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