P1 C5 ADMISSION OF A PARNER — Elements of Account STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C5 ADMISSION OF A PARNER1 Mark
Question
How is a new partner admitted in a firm?
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Answer
Section $31$ of the Indian partnership Act $1932,$ provides that a new partner shall not be admitted in the firm without the consent of all the existing partners, unless it has been agreed otherwise by the partners in the partnership agreement.
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