Answer Happy

Complete the table provided to show the advantages and disadvantages for a partnership and a company. For each section of the table list the correct options in alphabetical order. Business structure Partnership Company Advantages Can save on tax by retaining profits Easier to expand business networks Easy and simple to set up Expensive to set up Extensive reporting requirements Indefinite life Limited life Mutual agency No formal record keeping required Resources shared Disadvantages Separation of ownership and control Shareholders have limited liability Taxed from first dollar of profit Unlimited liability