In a partnership firm there are more persons so they can very easily accumulate a huge amount of capital. In partnership the partners may perform their duties for which they are suitable. One partner may be in charge of accounts the other may supervise
correspondence another may look after sales. Partnership is the liability of all the members is also unlimited. All the partners know that whole profits of the firm belong to them so they take much interest to make the firm successful. In partnership the resources of the firm being vast the services of skilled and talented persons can be acquired by paying more salaries. The partners look after the business personally and their number is also not very large, so they can easily develop cordial relations with the employee's customer and others. A partnership is free from legal restrictions.
Law protects the interest of minorities in partnership. In partnership the interest of minor is adequately protected. As partners meet very often so quick decision can be take regarding business policies and thus the firm would be in position to take advantage of changing business conditions. A partnership firm enjoys the advantages of sharing of risk as compared to sole trading concern. A partnership business is flexible. The expansion of business is easy. The success of business depends upon business secrets. It is possible in partnership to maintain secrecy. The success of the business of a partnership firm depends upon mutual trust and confidence. The partners look after the business personally. The partnership can be dissolved very easily be mutual consent of the partners.
correspondence another may look after sales. Partnership is the liability of all the members is also unlimited. All the partners know that whole profits of the firm belong to them so they take much interest to make the firm successful. In partnership the resources of the firm being vast the services of skilled and talented persons can be acquired by paying more salaries. The partners look after the business personally and their number is also not very large, so they can easily develop cordial relations with the employee's customer and others. A partnership is free from legal restrictions.
Law protects the interest of minorities in partnership. In partnership the interest of minor is adequately protected. As partners meet very often so quick decision can be take regarding business policies and thus the firm would be in position to take advantage of changing business conditions. A partnership firm enjoys the advantages of sharing of risk as compared to sole trading concern. A partnership business is flexible. The expansion of business is easy. The success of business depends upon business secrets. It is possible in partnership to maintain secrecy. The success of the business of a partnership firm depends upon mutual trust and confidence. The partners look after the business personally. The partnership can be dissolved very easily be mutual consent of the partners.
