Question 3 5 pts All of the following are advantages of the partnership form of organization except O ease of start-up combined skills and knowledge. Obetter access to capital and credi. O retention of profits. unlimited liability.
AnswerThe answer is ) Unlimited Liability This is a major disadvantage for a partnership form of organisation. Each partner involved in the process is jointly and severally liable and responsible for the debts arising out of the partnership. Each partner has to be liable for their share of partnership debts as well as the overall debt of the partnership firm. The only way this can become advantageous is by converting it into a limited liability partnership.