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Advantages of a partnership.

Answer Text:
Advantages of a partnership.
(i) Unlike sole proprietorship, partnership can raise more capital.
(ii) Work is distributed among the partners. This reduces the workload for each partner.
(iii) Varied professional/ skilled labour; various partners are professionals in various different areas leading to specialization.
(iv) They can undertake any form of business agreed upon by all the partners.
(v) There are few legal requirements in the formation of a partnership compared to a limited liability company.
(vi) Losses and liabilities are shared among partners.
(vii) Continuity of business is not affected by death or absence of a partner as would be in the case of a sole proprietorship.