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On admission of a new partner, two main rights the new partner acquires are
ARight to manage and right to elect officials
BRight to share assets and right to share profits
CRight to liquidate the firm and right to dispose of assets
DRight to dismiss old partners and right to draw unlimited salary
Answer & Solution
Correct answer: B. Right to share assets and right to share profits
A new partner acquires (i) a share in the assets of the firm and (ii) a share in future profits. He brings capital and (often) a goodwill premium for these rights.
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