ousins Rohit and Shymal for several years in a business consulting firm. With the intense level of demand, they have decided to expand the firm by adding 5 new partners, but they are worried about bringing in so many people into the business.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Gauri has approached your law firm to assist her in taking her business to 'the next level'. She has been working in a partnership with her cousins Rohit and Shymal for several years in a business consulting firm. With the intense level of demand, they have decided to expand the firm by adding 5 new partners, but they are worried about bringing in so many people into the business.


Advise Gauri about the potential perils of using partnership in this situation. Also advise her about her option to create a company including the process for creating a company, and the practical implications of companies having a separate legal personality.

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