Advantages of Partnership Firm:
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Easy to Start: Partnership firms are easily formed. The only requirement for starting a partnership
firm in most cases is a partnership deed.
Decision Making: Decision making is one of the most important feature . In a partnership firm
decision making could be faster as there is no concept of the passing of resolutions.
Raising of Funds: A partnership firm can raise funds easily. Multiple partners make contribution
easily. Also the banks view a partnership more favorably while sanctioning credit facilities.
Sense of Ownership: Every partner in involved in the management of the activities of their firm.
Their tasks might be different in nature but are united for a common cause.