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In this tutorial, we explore the admission of a new partner in a partnership. The focus is on a scenario where the new partner engages directly with existing partners rather than the partnership entity itself. The new partner will contribute assets by purchasing part of the capital interest from existing partners A and B. Specifically, partner A has a capital balance of $60,000 and partner B has $90,000, totaling $150,000. The new partner, C, will acquire 50% of the capital interests from partners A and B for $100,000. This process illustrates the financial transactions involved in admitting a new partner into an existing partnership.
