GROWTH DEVELOPMENT CHILD
DEVELOPMENT AND LEARNING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Advantages of Partnership
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Disadvantages of Partnership
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Deed of partnership
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limited partnership
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Detailed explanation-1: -Advantages of a partnership include that: two heads (or more) are better than one. your business is easy to establish and start-up costs are low. more capital is available for the business.
Detailed explanation-2: -The tax benefits enjoyed by a partnership firm is that the partnership does not have to pay for the income tax on the profit shared by the partners. As each partner needs to report profit and loss in their own tax returns.
Detailed explanation-3: -The big benefit is that it protects the individual partner’s assets and deems the LLP as a legal entity in its own right. The disadvantages are that the partnership needs to publicly disclose its financial details and there are fewer tax advantages compared to setting up an LLC.