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in Business Studies by (64.6k points)

Mention any four merits of partnership firms.

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Merits of partnership firms are as follows: 

1. No legal formalities are required for the formation of partnership firm. 

2. It is formed by more than, two persons, so the capital investment is more. 

3. Division of labour can easily be adopted. 

4. There is a scope for maintaining secrets of business

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