For which of the following types of business do you think a partnership firm of organization would be more suitable, and why?
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
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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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