What is Reconstitution of a Partnership Firm?
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Partnership is an agreement between two or more people for sharing the gains of a trade carried by all or any one of them who is acting for all. Any change in the current agreement is called as reconstitution of the partnership firm.
Reconstitution of a partnership firm is the process of changing the structure, composition, or ownership of a partnership agreement.
Any change in the existing agreement is known as reconstitution of the partnership firm. Thus, the existing agreement ends and a new agreement is formed with the changed relationship among the members of the partnership firm and its composition.