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What is the primary advantage of a partnership over a sole proprietorship?

Practice Questions

Q1
What is the primary advantage of a partnership over a sole proprietorship?
  1. Limited liability for all partners
  2. Greater access to capital and resources
  3. Simplicity in decision-making
  4. Less regulatory scrutiny

Questions & Step-by-Step Solutions

What is the primary advantage of a partnership over a sole proprietorship?
  • Step 1: Understand what a sole proprietorship is. It is a business owned by one person.
  • Step 2: Understand what a partnership is. It is a business owned by two or more people.
  • Step 3: Recognize that in a sole proprietorship, only one person provides money and resources.
  • Step 4: In a partnership, multiple people can contribute money, skills, and resources.
  • Step 5: Realize that having more people involved means more financial support and ideas.
  • Step 6: Conclude that the primary advantage of a partnership is better access to capital and resources.
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