The advantages of a partnership include all of the following, except: Multiple Choice fewer financial resources....

The advantages of a partnership include all of the following, except:

Multiple Choice

fewer financial resources.
longer survival.
shared management and pooled skills and knowledge.
Shared risk.
No special taxes.

Solutions

Expert Solution

Ans: The correct option is fewer financial resources.

Partnership form of business when two or more person come together to conduct a business or profession. They are called partners and they agree in the partnership deed for ratio of losses and profits to be shared by each partner. Partneship has its own advantages and disadvantages.

Advatntages includes-

More financial resources - Partnership has two or more persons who contribute amounts known as capital for the financial needs of the business It is more easy to raise finance and due to combined contribution its is easier to raise funds through outside resources as combination of two or more have more strength financially.
shared management and pooled/complementary skills and knowledge - All the partners have different capabilities, skills and knowledge which if pooled together can create a drasctic change for the betterment.
Longer survival - Partnership firms have longer survival rate as if a partner dies or retires, it can admit another partner with lesser inconvenience.
No special Taxes - As there is no employer to withhold taxes on income generated by partner. partners are required to pay taxes on their own share of profit.
Shared risls - As they are partners in a partnership firm, their liabilities are shared and it does not burdened any particular partner.

So , to say that partnership has fewer financial resources is not true.

ekkarill92 answered 1 year ago

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