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Modes of Reconstitution of a Partnership Firm Video Lecture - Commerce
FAQs on Modes of Reconstitution of a Partnership Firm Video Lecture - Commerce
| 1. What are the modes of reconstitution of a partnership firm? |  |
Ans. The modes of reconstitution of a partnership firm include admission of a new partner, retirement of an existing partner, death of a partner, expulsion of a partner, and dissolution of the partnership.
| 2. How does the admission of a new partner affect the reconstitution of a partnership firm? | |
Ans. The admission of a new partner involves the introduction of a new member into the existing partnership. This changes the existing partnership agreement and requires the consent of all existing partners. The new partner may bring in additional capital, skills, or resources to the firm.
| 3. What is the impact of retirement on the reconstitution of a partnership firm? | |
Ans. Retirement of a partner leads to the withdrawal of the partner from the partnership. The retiring partner may receive his/her share of accumulated profits, goodwill, and interest on capital. The remaining partners may choose to continue the partnership or reconstitute the firm by admitting a new partner.
| 4. How does the death of a partner affect the reconstitution of a partnership firm? | |
Ans. The death of a partner results in the automatic dissolution of the partnership. The deceased partner's legal representatives may receive their share of accumulated profits, interest on capital, and the deceased partner's share in the assets of the firm. The remaining partners may choose to form a new partnership or dissolve the firm altogether.
| 5. What is the process of expulsion and its impact on the reconstitution of a partnership firm? | |
Ans. Expulsion of a partner occurs when the remaining partners decide to terminate the partnership with a specific partner due to various reasons such as misconduct, incompetence, or breach of partnership agreement. The expelled partner may be entitled to receive his/her share in the accumulated profits and interest on capital. The remaining partners may choose to continue the partnership or reconstitute the firm.
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