Question

what is meant by reconstitution of partnership firm​

Answer 1

Answer:

The partnership is an agreement between two or more persons for sharing the profits of a business carried on by all or any one of them acting for all. Any change in the existing agreement is known as reconstitution of the partnership firm.

Reconstitution of partnership frim generally refers to any change in the existing partnership firm. this change could be anything like change in structure of the firm , change in the profit sharing ratio, admission or exit of a partner, change in reconstitution of the business, change in registered address etc.

In this reference a supportive partnership deed commonly know as supplementary deed will be draft referring the original one containing amendments which results the reconstitution of the partnership firm

Explanation:

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Answer 2

The partners reconciliation of the partnership firm takes place when there is an admission of an new partner change in profile sharing ratio