Which of the following statements is correct regarding the admission of a new partner?
A new partner must purchase a partnership interest directly from the business.
A new partner always pays book value.
The right to participate in management of the business cannot be conveyed without the consent of other existing partners.
The right to share in profits and losses can be sold to a new partner without the consent of other existing partners.
Correct option is \(-\) The right to participate in management of the business cannot be conveyed without the consent of other existing partners.
Explanation:
Consent to act in the management as a managing partner can be given to a new partner only with the acceptance of other existing partners.
Which of the following statements is correct regarding the admission of a new partner? A new...