What is a requirement for admitting new partners to a partnership without a formal agreement?

In a partnership, the admission of new partners typically requires a unanimous agreement among existing partners. This is because partnerships are formed based on mutual trust and agreement among all partners. Each partner holds a stake in the business and has a say in key decisions, including who may join the partnership.

The necessity for unanimous agreement helps ensure that all partners are comfortable with the addition of a new partner, as this new individual will share in the profits, responsibilities, and liabilities of the partnership. This ensures that the core values and dynamics of the partnership remain intact, as each partner must agree to the entry of another, thereby protecting the interests of the existing partners and maintaining the integrity of their working relationship.

Other options, such as a majority decision or a written application, do not reflect the fundamental principles governing partnerships. A majority decision would undermine the shared responsibility that comes with partnerships, while a written application does not address the consensus needed among existing partners for admitting new individuals into the partnership. Similarly, consent from existing clients is not a requirement for admitting a new partner, although client relationships may be influenced by the changes in partnership.