Many partnerships provide for the admission of new partners or withdrawals of present partners by amending existing partnership agreements, so that the firm may continue to operate without executing a new agreement.

Question

Quizplus · Accepted Answer

This statement is true. Many partnership agreements contain provisions for admission and withdrawal of partners, allowing for the agreement to be amended rather than creating a new agreement every time a change to the partnership occurs.

Many Partnerships Provide for the Admission of New Partners or Withdrawals