1.

For which of the following types of business do you think a partnership firm of organization would be more suitable, and why?(i) Grocery store(ii) Medical store(iii) Legal consultancy(iv) Craft centre(v) Internet cafe(vi) Chartered accountancy firm

Answer»

For legal consultancy and chartered accountancy firm, partnership firm will be more suitable because it has: 

  • Ease of formation and closure 
  • Balanced decision making 
  • More funds 
  • Sharing of risks 
  • Maintain secrecy


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