The Admission of a New Partner to an Existing Partnership

question 57

Multiple Choice

The admission of a new partner to an existing partnership

• A) may be accomplished only by investing assets in the partnership.
• B) requires purchasing the interest of one or more existing partners.
• C) causes a legal dissolution of the existing partnership.
• D) is almost always accompanied by the liquidation of the business.

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Definitions:

Europeans

People native to or residing within the continent of Europe, often relating to the cultural, social, and political characteristics of this diverse region.

Prototype

A mental image or best example of a category. Matching new items to a prototype provides a quick and easy method for sorting items into categories (as when comparing feathered creatures to a prototypical bird, such as a robin).

Mental Grouping

The cognitive process of organizing concepts, objects, or ideas into categories based on common properties to simplify understanding and memory.

Step-by-Step

Involves breaking down information, processes, or problems into smaller, manageable parts to facilitate understanding or completion.