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Treating Manager as Partner

How is new pa...

Question

How is new partner admitted to the firm?

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Solution

A new partner is admitted to the firm by the mutual consent of all the existing partners. A new agreement is formed between the old and the new partners and the firm is reconstituted. The new partner has the right to share in the assets and profits of the firm.

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Q. When a new partner is admitted or old partner retires or dies the, firm undergoes _______.

Q. A new partner can be admitted in the firm with the consent of ___________________.

Q. When a new partner is admitted into a firm, which of these is not required ______________.

Q. A, B and C are partners in a firm. If D is to be admitted as a new partner, then the _________________.

Q. A new partner is admitted in the firm for getting additional capital and skill.

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