Limitations of partnership.
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Disadvantages of a partnership include that:
the liability of the partners for the debts of the business is unlimitedeach partner is ‘jointly and severally’ liable for the partnership’s debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debtsthere is a risk of disagreements and friction among partners and managementeach partner is an agent of the partnership and is liable for actions by other partnersif partners join or leave, you will probably have to value all the partnership assets and this can be costly.....
the liability of the partners for the debts of the business is unlimitedeach partner is ‘jointly and severally’ liable for the partnership’s debts; that is, each partner is liable for their share of the partnership debts as well as being liable for all the debtsthere is a risk of disagreements and friction among partners and managementeach partner is an agent of the partnership and is liable for actions by other partnersif partners join or leave, you will probably have to value all the partnership assets and this can be costly.....
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The Answer is ⬇⬇⬇⬇⬇⬇
The Major Limitations of Partnership Firm are as follows:
(i) Uncertainty of duration.
(ii) Risks of additional liability
(iii) Lack of harmony
(iv) Difficulty in withdrawing investment
(v) Lack of public confidence
(vi) Limited resources
(vii) Unlimited liability
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The Answer is ⬇⬇⬇⬇⬇⬇
The Major Limitations of Partnership Firm are as follows:
(i) Uncertainty of duration.
(ii) Risks of additional liability
(iii) Lack of harmony
(iv) Difficulty in withdrawing investment
(v) Lack of public confidence
(vi) Limited resources
(vii) Unlimited liability
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