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Any change in the existing agreement amounts to ______
- a)Remodulation of the partnership firm
- b)Reconstitution of the partnership firm
- c)Resolution of the partnership firm
- d)Revaluation of the partnership firm
Correct answer is option 'B'. Can you explain this answer?
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Any change in the existing agreement amounts to ______a)Remodulation o...
Correct option is B. Reconstitution of the partnership firm
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Any change in the existing agreement amounts to ______a)Remodulation o...
Reconstitution of the partnership firm
Changes in the existing agreement of a partnership firm lead to the reconstitution of the firm. Here is how it happens:
1. Admission of a new partner: When a new partner is added to the existing partnership, it results in a reconstitution of the partnership firm. The rights, duties, profit-sharing ratio, and other terms of the partnership agreement need to be modified to accommodate the new partner.
2. Retirement of a partner: If a partner decides to leave the partnership, it also leads to a reconstitution of the firm. The remaining partners need to revise the partnership agreement to reflect the changes in profit-sharing, duties, and other aspects.
3. Change in profit-sharing ratio: Any change in the profit-sharing ratio among the existing partners requires a modification in the partnership agreement. This change in the financial arrangement necessitates a reconstitution of the firm.
4. Change in terms of the agreement: Any alteration in the terms of the existing partnership agreement, such as the duration of the partnership, capital contributions, decision-making process, etc., results in the reconstitution of the partnership firm.
In conclusion, any change in the existing agreement of a partnership firm amounts to the reconstitution of the firm. It involves modifying the terms and conditions of the partnership agreement to accommodate the new changes and ensure the smooth functioning of the partnership.
Changes in the existing agreement of a partnership firm lead to the reconstitution of the firm. Here is how it happens:
1. Admission of a new partner: When a new partner is added to the existing partnership, it results in a reconstitution of the partnership firm. The rights, duties, profit-sharing ratio, and other terms of the partnership agreement need to be modified to accommodate the new partner.
2. Retirement of a partner: If a partner decides to leave the partnership, it also leads to a reconstitution of the firm. The remaining partners need to revise the partnership agreement to reflect the changes in profit-sharing, duties, and other aspects.
3. Change in profit-sharing ratio: Any change in the profit-sharing ratio among the existing partners requires a modification in the partnership agreement. This change in the financial arrangement necessitates a reconstitution of the firm.
4. Change in terms of the agreement: Any alteration in the terms of the existing partnership agreement, such as the duration of the partnership, capital contributions, decision-making process, etc., results in the reconstitution of the partnership firm.
In conclusion, any change in the existing agreement of a partnership firm amounts to the reconstitution of the firm. It involves modifying the terms and conditions of the partnership agreement to accommodate the new changes and ensure the smooth functioning of the partnership.
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Any change in the existing agreement amounts to ______a)Remodulation of the partnership firmb)Reconstitution of the partnership firmc)Resolution of the partnership firmd)Revaluation of the partnership firmCorrect answer is option 'B'. Can you explain this answer?
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