Question

Anew partner is admitted in the firm for getting additional capital and skill. (State True or False)

Answer 1

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Your Answer:-

TRUE


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Answer 2

Answer:

This statement would be True.

Explanation:

When a business is set up, the nature of the business is decided at the first place, for example the business would be a partnership, a sole proprietor, limited liability, commercial, etc. A Partnership Firm is a firm having two or more partners. These partners share the liabilities of the company as well as the profits earned. When a new partner is introduced in the company, it means that company wants to get benefit from the partner, either it is in the form of Capital or in the form of Skills, or both. Additional capital and extraordinary skills are always required by a company. So In order to get additional capital and skills, new partner can be added in a company.