Question : An existing partnership may accept a new partner -
Option 1: With the consent of majority of partners
Option 2: With the consent of all old partners
Option 3: With the consent of 2/3rd of old partners
Option 4: With the consent of any one partner
Correct Answer: With the consent of all old partners
Solution : The Partnership Act of 1932 states that, unless otherwise agreed upon, a new partner may only be allowed into the firm with the permission of all the current partners. The partner contributes a predetermined amount of capital, either in cash or in kind, in exchange for the right to acquire a portion of the partnership firm's assets and profits.
Hence the correct answer is option 2.
Question : As Per Section ----------------- of the Indian Partnership act provides that a new partner shall not be inducted into the firm without the consent of all existing partner ?
Question : Gain/loss on revaluation at the time of change in profit sharing ratio of existing partners is shared by ______(i)_____ whereas in case of admission of a partner, it is shared by _____(ii)_____.
Question : Which of the following is not a way of dissolution of partnership firm?
Question : Which of the following is not true with respect to Admission of a partner?
Question : Any change in the relationship of existing partners which results in an end of the existing agreement and enforce a new agreement is called
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