BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Limited partners cannot participate in the management and have no liability for partnership obligations beyond their capital contributions, protecting them against personal liability for the partnership’s debts and other obligations.

Detailed explanation-2: -Disadvantages of partnership, on the other hand, include potential liabilities, a loss of autonomy, emotional issues, future selling complications, and a lack of stability.

Detailed explanation-3: -When compared to a corporation, one of the major disadvantages of the partnership is its limited life. Each partner has a separate capital and withdrawal account. The salary allocation to partners used in dividing net income would also appear as salary expense on the partnership income statement.