Question

1. what are advantages of partnerships? limited life of the business easier to raise capital shared management responsibilities unlimited liability for all partners

Explanation:

• Limited life of the business: This is a disadvantage as it means the partnership can end due to partner changes (e.g., death, withdrawal), not an advantage.
• Easier to raise capital: Partnerships can pool resources from multiple partners, so it's often easier to get funds compared to sole - proprietorships (with one owner's funds).
• Shared management responsibilities: Partners can divide tasks based on their skills (e.g., one handles finance, another operations), leveraging collective expertise.
• Unlimited liability for all partners: This is a risk (disadvantage) as partners' personal assets can be used to cover business debts.

Answer:

B. Easier to raise capital, C. Shared management responsibilities