1.

Mention three advantages of partnership.

Answer»

The three advantages of partnership are:

1. The unlimited, Joint and several liabilities of the partners make them carry on the business of the firm and enable it to obtain credit from third parties easily. 

2. As there are two or more persons in partnership, there is scope for the application of division of labour. 

3. A partnership is an association of two or more persons. Therefore, it can secure greater managerial ability than a sole trading concern.



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