ENTREPRENEURSHIP

Detailed explanation-1: -It is the main advantage of partnership as the liabilities of the partners is limited, and they are jointly and severally liable.

Detailed explanation-2: -Advantages. A general partnership is less expensive and easier to set up than a corporation or limited liability partnership (LLP). Less paperwork is involved.

Detailed explanation-3: -a general partnership offers the advantages of pooled financial resources and the benefits of a shared workload that can take advantage of complementary skills. The earnings of general partnerships are taxed only as income to the partners; there is no separate income tax on the business itself.

Detailed explanation-4: -The main benefit of a partnership is that it isn’t taxed separately. In other words, the IRS (Internal Revenue Service) doesn’t require partnerships to pay corporate taxes on profits. Instead, each partner receives their share of the profits as income and file and pay their own taxes.

Detailed explanation-5: -A general partnership is easy to establish. Creating a general partnership is simpler, cheaper, and requires less paperwork than forming a corporation. A general partnership faces simplified taxes. General partnerships do not pay income tax. The partnership is easy to dissolve. 11-Dec-2022