Which of the following is true of ownership changes in a partnership?
A)Admitting a new partner does not change the core structure of the old partnership.
B)The purchase of an existing partner's interest is a transaction between the new partner and the partnership firm.
C)Any time the partner mix changes,the old partnership ceases to exist and a new partnership begins.
D)A person can become a partner by purchasing an existing partner's interest,even without the approval of the other partners.

Question

Quizplus · Accepted Answer

When the partner mix changes, the old partnership ceases to exist and a new partnership begins, as partnerships are based on the specific agreement between the partners involved.

Which of the Following Is True of Ownership Changes in a Partnership