In the above statement where Jacinta, Juan and Julian have decided to start a business together, it will be beneficial for them to form a partnership firm.
A firm consisting of at least two members, where the ownership and management is shared by the number of persons incorporating a firm, is known as a partnership firm.
The case of business in the above condition is very similar. As the partners have a vicarious liability and profits and losses will also be shared among three of them, they should constitute a partnership firm.
Hence, the significance of a partnership firm is aforementioned.
Learn more about a partnership firm here:
https://brainly.com/question/809078
#SPJ2
