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The reconstitution of the firm takes place in case
- a)Admission of a partner
- b)Retirement of a partner
- c)Expulsion or death of a partner
- d)All of the above.
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
The reconstitution of the firm takes place in casea)Admission of a par...
The reconstitution of the firm takes place in case:
- Admission of a partner: When a new partner is added to the firm, it leads to the reconstitution of the firm. The existing partnership agreement may need to be modified or a new agreement may need to be created.
- Retirement of a partner: If a partner decides to retire from the firm, it results in the reconstitution of the firm. The remaining partners may need to make adjustments to the partnership agreement and redistribute profits and responsibilities.
- Expulsion of a partner: In the case of a partner being expelled from the firm due to misconduct or other reasons, the firm undergoes reconstitution. The remaining partners may need to revise the partnership agreement and make necessary changes to ensure the smooth functioning of the firm.
- Death of a partner: When a partner passes away, the firm goes through reconstitution. The partnership agreement needs to be reviewed and amended, and the deceased partner's share of profits and assets need to be settled.
- All of the above: The reconstitution of the firm can happen in any of the mentioned cases - admission, retirement, expulsion, or death of a partner.
Overall, the reconstitution of the firm is necessary whenever there is a change in the partnership structure due to the addition, withdrawal, or expulsion of partners, or due to the unfortunate event of a partner's death. The purpose of reconstitution is to ensure proper adjustments are made to the partnership agreement and to maintain the smooth functioning of the firm.
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The reconstitution of the firm takes place in casea)Admission of a partnerb)Retirement of a partnerc)Expulsion or death of a partnerd)All of the above.Correct answer is option 'D'. Can you explain this answer?
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