Question

Second only to the sole proprietorship, the partnership is among the oldest of business entities to develop. By the time of the development and implementation of the English Common Law in the 16th Century, the law of business partnerships was already highly developed. This was the case despite the fact that a majority of partnership business owners were illiterate. In businesses that involve numerous members of the same family, the preferred business choice of conduct is the partnership. What advantages may occur for the family members by conducting business in this form

Answer 1

Answer:

1. A higher level of commitment and dedication

2. A less tense working environment

3. Employee consideration

Explanation:

Partnerships are forms of businesses that require the involvement of two or more partners. Family members may constitute the partners in a business. Just like every other type of business formation, partnerships have several advantages to family members. These include;

1. A higher level of commitment and dedication: Since their livelihood is dependent on this stream of income, the family members would put in their best to ensure increased output. They would also be willing to make sacrifices in order to get things done.

2. A less tense working environment: Unlike in some other strictly run businesses, partnerships with family members who are known to each other would create a calm atmosphere for business dealings.

3. Employee consideration: Workers would be given better considerations like leave and promotions when it is due to them. These things might be otherwise difficult to attain in a tense business setting.