Which of the following statements is true regarding the admission of a new partner through the purchase
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Which of the following statements is true regarding the admission of a new partner through the purchase of partnership interest:
a. There is no impact on partnership assets, liabilities, or total equity when a new partner is added.
b. If existing partners accept the new partner, a new partnership agreement is created.
c. The original partners can refuse to accept the new partner even if they have purchased a portion of the ownership interest.
d. All of the above.
PartnershipA legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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