Table of contentsPartnershipStrengthsWeaknessesThere are two types of limited liability companies:StrengthsWeaknessesThe main distinctions/differences between financial accounting and management accountingFinancial accountingManagement accountingDifferencesPartnershipPartnership is a type commercial organization that involves two to twenty people. The main reason to start this type of business is to make a profit. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original StrengthsCapital essay. If there is more than one owner, all partners have invested their money in the business. When investment increases, profit also increases. Easy to establish. There are limited external rules and regulations for starting the business. Therefore, the startup cost is very low. Can make a wish decision. When making decisions, it is better to have two heads than one. Flexibility. When there are a small number of people, the rate of occurrence of problems is low. Shared responsibility. Responsibility for the business can be shared between the partners. The advantage is that the responsibility for running the business will be shared between the partners. Weaknesses Unlimited responsibilities. When the company wins, loses or profits, all partners must take this risk. This means that all parties must bear the responsibility and financial risks of the business. Disagreement between partners. When conducting business, it is obvious that disagreements between partners arise. Most disagreements arise because of decision-making. Profit sharing. The profit that the business has to earn must be shared equally among the partners. Therefore, one party will get low profit and will not be able to make their own decisions. Here, one person cannot make all the decisions. Everyone should discuss and will get the decisions. Does not have legal personality. The company cannot act as a legal entity before a limited company. The limited company is the company which has legal personality. These companies can act as a legal entity before the law. There are two types of limited companies: Limited liability company Limited company Strengths Limited liability. Homeowners do not have to use their own money to pay their debts. Higher investment. The company can increase its investment by issuing shares. When investment increases due to this profit, it will also increase. Tax advantage. Taxed on business profits. This means that owners do not have to pay tax individually. Legal personality. The company can act as a legal entity before the law. Long lifespan. The death and illness of the owner will not affect the operation of the business.WeaknessesProfit sharing. The annual profit must be shared among the shareholders. Accounts are not private. Every year they must publish their accounts to the public. No more paperwork. When creating a business, there are a lot of administrative formalities to complete and these are more complex. High installation cost. When owners start their business, they have to bear high setup costs. Lack of control. The board of directors will make all decisions relating to business operations. Therefore, a shareholder cannot take control and power of the company. According to the above strengths and weaknesses, I like to suggest to.