Ch3 Partnership - AO3

Question 1

Advantages of being a partnership (5)

Answer 1

• finance raised more easily than sole proprietor
• share the responsibility and workload
• Share liability
• Partners can specialize
• Shared ideas and decision-making

Question 2

Disadvantages of being a partnership (4)

Answer 2

• Have unlimited liability
• Decisions take longer to make
• Share profit
• Conflict