The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a

The amount paid by a new partner to compensate the old partners for the reputation they have built up is called goodwill. Goodwill is an intangible asset that represents the value of a business beyond its tangible assets and liabilities. When a new partner joins a partnership, they benefit from the reputation and goodwill that the business has established over time. In recognition of this, the new partner pays a sum of money to compensate the old partners for their contribution to the goodwill of the business. Goodwill is usually calculated as a percentage of the business's total value, and is considered an important factor in determining the price of a business. So, the correct option for the given scenario is "goodwill".