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On the admission of a new partner, old partnership continues.
- a)True
- b)Partially true
- c)False
- d)Can't say
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
On the admission of a new partner, old partnership continues.a)Trueb)P...
Old partnership comes to an end and new partnership comes into existence and the firm continues.
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On the admission of a new partner, old partnership continues.a)Trueb)P...
Explanation:
False:
- When a new partner is admitted to a partnership, it is considered as the formation of a new partnership. The admission of a new partner brings changes in the rights, duties, and liabilities of the existing partners.
- The admission of a new partner typically results in the reconstitution of the partnership, where the old partnership dissolves, and a new partnership with the existing and new partners is formed.
- The new partner will have rights and responsibilities that are different from those of the old partners, and the profit-sharing ratio, decision-making process, and other aspects of the partnership may also change.
- Therefore, it is not accurate to say that the old partnership continues when a new partner is admitted. Instead, a new partnership is formed with the inclusion of the new partner.
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On the admission of a new partner, old partnership continues.a)Trueb)Partially truec)Falsed)Cant sayCorrect answer is option 'C'. Can you explain this answer?
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