Having understood the basics of what a partnership business is all about, consider the following guidelines to help you decide whether you should go in for a partnership kind of business.
The following are just some examples of businesses that will be suitable for the partnership legal structure:
A partnership firm is suitable in case of business where the initial capital requirement is medium i.e. it is neither too large nor too small. Business like retail and wholesale trade or small manufacturing units can be successfully started by partners.
In a partnership firm persons having different ability, managerial talent, skill and expertise join together. So it is most suitable for construction business, legal firms etc. where each partner contributes the best as per his specialization and experiance.
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