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What is the primary advantage of forming a partnership over a sole proprietorshi
What is the primary advantage of forming a partnership over a sole proprietorship?
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Practice Questions
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What is the primary advantage of forming a partnership over a sole proprietorship?
Limited liability for all partners
Increased capital and resources
Simplicity in decision-making
Complete control over business decisions
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Partnerships allow for increased capital and resources through contributions from multiple partners.
Questions & Step-by-step Solutions
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Q
Q: What is the primary advantage of forming a partnership over a sole proprietorship?
Solution:
Partnerships allow for increased capital and resources through contributions from multiple partners.
Steps: 6
Show Steps
Step 1: Understand what a sole proprietorship is. It is a business owned by one person.
Step 2: Recognize that in a sole proprietorship, all the money and resources come from that one person.
Step 3: Learn what a partnership is. It is a business owned by two or more people.
Step 4: Realize that in a partnership, multiple people can contribute money and resources.
Step 5: Identify the primary advantage: more people means more money and resources can be pooled together.
Step 6: Conclude that partnerships can grow faster and have more support than sole proprietorships.
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