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State two benefits of a 'Partnership' as a type of business: (i) (ii) - Leaving Cert Business - Question 10 - 2010
Question 10
State two benefits of a 'Partnership' as a type of business: (i) (ii)
Worked Solution & Example Answer:State two benefits of a 'Partnership' as a type of business: (i) (ii) - Leaving Cert Business - Question 10 - 2010
Step 1
(i) More capital is available
Answer
One significant benefit of a partnership is that more capital is available compared to sole proprietorships. Since there are multiple owners or investors, a partnership can pool resources together, which can enhance financial capabilities for starting and running the business.
Step 2
(ii) Better decision making
Answer
Another benefit of a partnership is better decision making that arises from the combined efforts of the partners. Having multiple perspectives can lead to more thorough discussions and considerations, ultimately resulting in more informed and effective decisions for the business.