The admission of a new partner to an existing partnership -requires purchasing the interest of one or more existing partners. -causes a legal dissolution of the existing partnership. -may be accomplished only by investing assets in the partnership. -is almost always accompanied by the liquidation of the business.
The admission of a new partner to an existing partnership -requires purchasing the interest of one or more existing partners. -causes a legal dissolution of the existing partnership. -may be accomplished only by investing assets in the partnership. -is almost always accompanied by the liquidation of the business.
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 2MC: Any assets invested by a particular partner in a partnership ________. A. do not become a...
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3.The admission of a new partner to an existing partnership
-requires purchasing the interest of one or more existing partners.
-causes a legal dissolution of the existing partnership.
-may be accomplished only by investing assets in the partnership.
-is almost always accompanied by the liquidation of the business.
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