Question

What are some advantages and disadvantages that you have experienced when working in partnerships or groups? What are some ways to increase the advantages or decrease disadvantages?

Please use your own words, Thank you!

Answer 1

Advantages of partnership

• In partnership you can share work between the partner which will not increase the work load
• In partnership since there are partners therefore you can increase your capital as every partner bring capital

Disadvantages in partnership

• In partnership you can lose the advantage of autonomy as you will not be the sole owner of the business you have to share your decision with the partners
• Emotional issues in partnership has a great disadvantages as it creates dispute between the partners and as a result bysiness suffers

Ways to increase advantage and decrease disadvantages are

• In partnership firm you can give moral support to each other at the time of losses which will boost the confidence
• As in partnership there is problem of future selling complication therefore it must be decided beforehand in the partnership deed