Question

Reena and Teena are doing a partnership firm business. They came to know the advantages of Co-operative societies. Guide them to change that establishment as Cooperative society by describing the advantages of cooperative societies.​

Answer 1

Answer:

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Answer 2

Reena and Teena are doing a partnership firm business. The advantages of cooperative societies over partnership firms are many, the key is it is an easy to form institution and it promotes democracy.  

Explanation:

• Formation of these types of societies is much easier than forming any business. The liability of the individuals who are the members of these societies depends on their contribution to the cooperative societies.
• The existence of these societies is perpetual and is not deterred by insolvency, death or retirement.
• The core principle is social service and therefore they do obtain a host of tax advantage. They obtain state assistance and have a democratic management format.

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