Question

‘‘Partnership is superior to sole-proprietor’’. Explain it by giving three reasons.​

Answer 1

Explanation:

1.. A Partnership firm has a more structured format than a Sole Proprietorship as the terms and conditions of a Partnership firm are pre-defined by way of a Partnership deed.

2. You can raise more capital with help of your Partners as compared to a Sole Proprietorship the Proprietor will have to raise funds on their own.

3. By way of an agreement Partners can share the liabilities of the Partnership Firm as the Partners liability in the firm is joint and several

Answer 2

Answer:

Partnership Firm is preferred over Sole Proprietorship Concern for following reasons:

1. A Partnership firm has a more structured format than a Sole Proprietorship as the terms and conditions of a Partnership firm are pre-defined by way of a Partnership deed.

2. You can raise more capital with help of your Partners as compared to a Sole Proprietorship the Proprietor will have to raise funds on their own.

3. You can register your Partnership Firm with the local Registrar of Firrms (ROF) and this will give it a more legal and structural recognision.

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