Which of the following statements is correct regarding the admission of a new partner?
A) A new partner must purchase a partnership interest directly from the business.
B) The right of co-ownership in the business property can be transferred to a new partner without the consent of other existing partners.
C) The right to participate in management of the business can be conveyed without the consent of other existing partners.
D) The right to share in profits and losses can be sold to a new partner without the consent of other existing partners.
E) A new partner always pays book value.

Question

Quizplus · Accepted Answer

A new partner can only participate in the management of the business if the existing partners consent, as partnership agreements typically require unanimous consent for such changes.

Which of the Following Statements Is Correct Regarding the Admission