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What is the Reconstituted Firm???​
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What is the Reconstituted Firm???​

User Yaroslav Osetrov
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26 votes
When a new partner is admitted a new agreement is formed and thus the firm is reconstituted.

Reconstruction of a partnership firm refers to any change in the existing partnership or in the agreement between the existing partners. It results at the end of the existing partnership and a new partnership comes into existence with changed terms and conditions and the profit sharing Ratio of the partners
User Denis Priebe
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18 votes
18 votes

Step-by-step explanation:

When a new partner is admitted a new agreement is formed and thus the firm is reconstituted.

User Aydin Hassan
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