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Yogita Ingle 6 years, 3 months ago
An equity share, normally known as ordinary share is a part ownership where each member is a fractional owner and initiates the maximum entrepreneurial liability related with a trading concern. These types of shareholders in any organization possess the right to vote.
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The two main rights a newly admitted partner acquires in a firm are:
i. Right to share the assets of the partnership firm; and
ii. Right to share the profits of the partnership firm
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Accounting Procedure Regarding Partnership Accounts on Retirement or Death! The retirement of a partner extinguishes his interest in the Partnership firm and this leads to dissolution of the firm or reconstitution of the Partnership. A partner, who goes out of a firm, is called retiring partner or outgoing partner.

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