Explain the advantages of a partnership as opposed to a limited liability company

• Sharing of loss reduces the amount borne by a single partner.
• Partners enjoy relative privacy as the firm is not obliged to publish anything.
• Easy to from in that there are no legal formalities to be complied with.
• Partners are entitled to participate in the management of the firms business.
• Partnerships enjoy the requisite flexibility in that a firm is free to change the nature of business, it all partners agree.
• In the event of insolvency, a creditor is entitled to attach personal assets of the individual partners.
• Partners can freely dispose of their interests to other partners

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