CA Foundation Exam  >  CA Foundation Questions  >  A new partner can be admitted in the firm wit... Start Learning for Free
 A new partner can be admitted in the firm with the consent of:
  • a)
    Unanimous consent of all the partners
  • b)
    Consent of the majority of the partners
  • c)
    Special majority of partners
  • d)
    New partner only
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
A new partner can be admitted in the firm with the consent of:a)Unanim...
According to the Partnership Act 1932, a new partner can be admitted into the firm only with the consent of all the existing partners unless otherwise agreed upon. With the admission of a new partner, the partnership firm is reconstituted and a new agreement is entered into to carry on the business of the firm. A new partner can be admitted in the firm with the consent of Unanimous consent of all the partners.

View all questions of this test
Most Upvoted Answer
A new partner can be admitted in the firm with the consent of:a)Unanim...
Admission of a New Partner in the Firm

The admission of a new partner in the firm is a crucial decision, and it can be done with the consent of all the partners. Let's understand the process of admitting a new partner in the firm and the consent required for the same.

Process of Admitting a New Partner in the Firm

The process of admitting a new partner in the firm involves the following steps:

1. Valuation of the Firm: The first step is to determine the value of the firm. The existing partners should agree on the valuation method and the basis of valuation.

2. Negotiation of Terms: The next step is to negotiate the terms of the admission of the new partner. The terms may include the amount of capital to be contributed by the new partner, profit-sharing ratio, management responsibilities, etc.

3. Execution of Deed: Once the terms are agreed upon, a deed of partnership is executed between the existing partners and the new partner.

4. Admission of New Partner: Finally, the new partner is admitted to the firm, and the necessary formalities, such as registration with the Registrar of Firms, are completed.

Consent of All Partners Required

The admission of a new partner is a major decision, and it can affect the existing partners' interests in the firm. Therefore, the consent of all the partners is required for the admission of a new partner. The consent should be unanimous, which means that all the partners should agree to the admission of the new partner.

Conclusion

In conclusion, the admission of a new partner in the firm is a major decision, and it requires the consent of all the existing partners. The process of admission involves valuation, negotiation of terms, execution of deed, and admission of new partner. The unanimous consent of all the partners is required for the admission of a new partner.
Explore Courses for CA Foundation exam
A new partner can be admitted in the firm with the consent of:a)Unanimous consent of all the partnersb)Consent of the majority of the partnersc)Special majority of partnersd)New partner onlyCorrect answer is option 'A'. Can you explain this answer?
Question Description
A new partner can be admitted in the firm with the consent of:a)Unanimous consent of all the partnersb)Consent of the majority of the partnersc)Special majority of partnersd)New partner onlyCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A new partner can be admitted in the firm with the consent of:a)Unanimous consent of all the partnersb)Consent of the majority of the partnersc)Special majority of partnersd)New partner onlyCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A new partner can be admitted in the firm with the consent of:a)Unanimous consent of all the partnersb)Consent of the majority of the partnersc)Special majority of partnersd)New partner onlyCorrect answer is option 'A'. Can you explain this answer?.
Solutions for A new partner can be admitted in the firm with the consent of:a)Unanimous consent of all the partnersb)Consent of the majority of the partnersc)Special majority of partnersd)New partner onlyCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of A new partner can be admitted in the firm with the consent of:a)Unanimous consent of all the partnersb)Consent of the majority of the partnersc)Special majority of partnersd)New partner onlyCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of A new partner can be admitted in the firm with the consent of:a)Unanimous consent of all the partnersb)Consent of the majority of the partnersc)Special majority of partnersd)New partner onlyCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for A new partner can be admitted in the firm with the consent of:a)Unanimous consent of all the partnersb)Consent of the majority of the partnersc)Special majority of partnersd)New partner onlyCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of A new partner can be admitted in the firm with the consent of:a)Unanimous consent of all the partnersb)Consent of the majority of the partnersc)Special majority of partnersd)New partner onlyCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice A new partner can be admitted in the firm with the consent of:a)Unanimous consent of all the partnersb)Consent of the majority of the partnersc)Special majority of partnersd)New partner onlyCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
Explore Courses for CA Foundation exam

Top Courses for CA Foundation

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev