Advantages of partnership firm •Easy forma tion :Registration or incorporation is not required in case of par
tnership firm like LLP or company. It can beformed without any legal formality and expenses. Thus they are simple and economical toform. •Larger resources :Due to more number of par tners thepar tnership firm has
larger resources for business operations as compared to sole proprietorship firm. •Flexibility in operation :Due to limited number of par tners there is flexibility in
the operations of business as thepar tners can amend any objectives or change any operations any time by mu tual consent. •Better management :Business of a partnership firm is very well managed by all
the par tners as they take interest in the daily affairs of business because of the ownership,profit and control. •Sharing of risk :In partnership every par tner bears the risk individually as it is
easier compared to sole proprietorship .