![]() ![]() To determine the pros and cons of partnership firm.To study how a partnership firm is different from a company.To learn about the different benefits of partnership firm.To learn about the process of registering a partnership firm.To learn about what is a partnership firm. ![]() Partnership grows mainly because of the limitations or disadvantages of proprietorship. When these persons come together, pool their money and skills, and organize a business, it is called partnership. This call for more persons come together, with different edges and start a business - for example, a person who lacks managerial skills but may have capital.Īnother person who is a good manager but may not have capital. A proprietor finds him unable to fulfill these requirements. Expansion in business requires more capital and managerial skills and also involves more risk. The proprietorship form of ownership suffers from certain limitations such as limited resources, limited skill, and unlimited liability. Hence we will talk about all the Partnership Firm Process and Procedure in this article. A partnership may result in issuing and holding equity or maybe only governed by a contract. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. The partners in a company may be individuals, businesses, interest-based organizations, schools, governments, or combinations. DOWNLOAD CLASS 12TH ACCOUNTS PROJECT ON PARTNERSHIP PDF
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