How did the concept of partnership form of business come into existenc – InterviewSolution

1.	How did the concept of partnership form of business come into existence?
Answer» Sole proprietorship firm has limitations of unlimited responsibility on the proprietor, difficult to raise more capital, invest in buying large space and doing business at a larger scale. These limitations limit the span of the business. On the other hand, with time trade and commerce got bigger and bigger. To divide the responsibilities, avail more capital, skills, administrative powers and risk bearing capacity, establish business at a large scale and overcome the limitations of sole proprietorship, came the concept of partnership where in more than one person owns and manages the firm.

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