what is reconstitution of partnership
Answers
Answer:
Any change in the existing agreement is known as reconstitution of the partnership firm. ... Reconstitution of a partnership firm takes place whenever there is a change in the profit sharing ratio among the partners, admission of a new partner, retirement of a partner and death or insolvency of a partner.
Answer:
Reconstitution of a Partnership Firm. 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.
Partnership is an agreement between two or more persons (called partners) for sharing the profits of a business carried on by all or any of them acting for all. Any change in the existing agreement. amounts to reconstitution of the partnership firm
Explanation:
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