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Questions and Answers
What is the process of re-establishing a partnership firm called?
What is the process of re-establishing a partnership firm called?
- Renovation
- Rejuvenation
- Revitalization
- Reconstitution (correct)
What is the term for bringing a partnership firm back to life?
What is the term for bringing a partnership firm back to life?
- Reincarnation
- Resurrection
- Reactivation (correct)
- Reawakening
Which term is used for making a business active again after a period of inactivity or dormancy?
Which term is used for making a business active again after a period of inactivity or dormancy?
- Resurgence
- Resuscitation
- Revival (correct)
- Regeneration
What is the process of improving or reviving the condition of a partnership firm called?
What is the process of improving or reviving the condition of a partnership firm called?
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Study Notes
Re-establishing a Partnership Firm
- The process of re-establishing a partnership firm is known as reconstitution.
- Reconstitution involves changing the partnership agreement or the partners involved while ensuring the firm continues its operations.
Reviving a Partnership Firm
- Bringing a partnership firm back to life is referred to as revival.
- Revival can involve legal steps to restore the partnership's status and may require updating registration and compliance with regulations.
Reactivating a Business
- Making a business active again after a period of inactivity is called reactivation.
- Reactivation may include renewing licenses, re-engaging clients, and reinstating business operations.
Improving Partnership Firm Conditions
- The process of improving or reviving the condition of a partnership firm is termed rehabilitation.
- Rehabilitation focuses on enhancing the operational efficiency, financial stability, and overall health of the partnership.
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