True/False
If a new person wishes to be admitted to a partnership with two existing partners,and the existing partners accept,then the new person is automatically entitled to share in one-third the profits of the partnership.
Correct Answer:

Verified
Correct Answer:
Verified
Related Questions
Q80: In most respects,a balance sheet for a
Q81: Sarah and Jane formed a partnership with
Q82: Tim and Michelle have decided to form
Q83: Keith and Jim are partners.Keith has a
Q84: When one person purchases the partnership interest
Q86: When a partner withdraws from the partnership
Q87: A new partner may be admitted to
Q88: The key difference between a partnership income
Q89: Which of the following BEST describes the
Q90: When a partnership is liquidated,the assets are