partnership grew out of the limitation of proprietorship explain
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It is worthwhile to know the merits of Partnership
Explanation:
Merits of Partnership firm in context of sole-proprietorship:
- Equal profit and loss sharing ratio amongst partners.
- Division of labour which helps partners to concentrate on different field of activities in a single business.
- Ample capital to fund business operations. Partners come together and create a partnership deed. This deed dictates the capital to be raised from each partner.
- In case of death of a partner, legal heirs are eligible to participate in the place of a deceased, hence business continuity is not hampered.
Merits of a partnership firm:
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