Question

On the admission of a new partner : (A) Old firm is dissolved (B) Old partnership is dissolved (C) Both old partnership and firm are dissolved (D) Neither partnership nor firm is dissolved

Answer 1

Answer:

A new partner may be admitted when the firm needs additional capital or managerial help. According to the provisions of Partnership Act 1932 unless it is otherwise provided in the partnership deed a new partner can be admitted only when the existing partners unanimously agree for it. For example, A, B and C are partner's in a firm. If D is admitted as a new partner then the old partnership stands reconstituted.

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Answer 2

Answer:

A partnership is the arrangement where parties, known as the business partners, agree to cooperate to the advanced mutual interests. The partners in the partnership may be individuals, interest-based organizations, schools, governments or the combinations. Organizations may partner to increase likelihood of each achieving their mission and to amplify the reach. A partnership may result in issuing and holding the equity or may be only governed by the contract.

Partnerships present the involved parties with the complex negotiation and special challenges those are navigated unto agreement. Overarching goals, levels of areas of responsibility, lines of authority and succession, how success is evaluated and also distributed, and often the variety of other factors must all be negotiated. Once the agreement is reached, the partnership is typically enforceable by the civil law, especially if well documented. Partners who wish to make the agreement affirmatively explicit and the enforceable typically draw up Articles of Partnership. Trust and the pragmatism are also essential as it can be expected that everything can be written in initial partnership agreement, therefore quality governance and to clear communication are critical success factors in long run.

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