State any four features of a partnership form of business organization?
Answers
Answer:
The proprietorship form of ownership suffers from certain limitations such as limited resources, limited skill and unlimited liability. Expansion in business requires more capital and managerial skills and also involves more risk. A proprietor finds him unable to fulfill these requirements. This call for more persons come together, with different edges and start business. For example, a person who lacks managerial skills but may have capital.
Answer:
Features and Characteristics of Partnership Firm: Lawful Business, Agreement, Profit Sharing, Joint Ownership and a Few Others
⚫Two or More Persons: ...
⚫Agreement: ...
⚫Lawful Business: ...
⚫Registration: ...
⚫Profit Sharing: ...
⚫Agency Relationship: ...
⚫Unlimited Liability: ...
⚫Not a Separate Legal Entity