What rights does a newly admitted partner acquire in the partnership firm?

Right to share the assets and profits of the partnership firm

When a new partner is admitted to a partnership firm, they acquire the right to share the assets and profits of the partnership. This means that the new partner becomes entitled to a portion of the partnership's assets and a share in the profits generated by the firm. The specific share of assets and profits that the new partner receives is determined through negotiation or as agreed upon by the existing partners. It is typically based on factors such as the capital contribution made by the new partner, the agreed profit sharing ratio, and the terms outlined in the partnership agreement or reconstitution agreement.