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Name the type of organisation in which standard os behaviour are evolved by mutual consent among the members |
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Answer» partnership can be termed as an extension of sole proprietorship. It is a form of business organisation in which two or more persons agree to carry on a lawful business with their personal resources for the purpose of earning profits.The following points describe the advantages of a partnership firm:1. Ease of formation and closure – A partnership firm can be easily formed and dissolved. It comes into existence through an agreement between the partners and they can start a lawful business even without registration. 2. Balanced Decision-Making – Two heads are always better than one. The specialized knowledge, skills and experience of different partners are available to the firm. The partners can oversee different functions according to their areas of expertise. It not only reduces the burden of work but also leads to more balanced decisions. therefore, the answer is partnership. |
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