PARTNERSHIP FUNDAMENTAL - IF PARTNERSHIP DEED IS ABSENT

When there is no partnership agreement between partners, the Indian Partnership Act of 1932 applies. This means that the partners will share profits and losses equally, and they won't receive a salary or interest on their capital.
What happens in the absence of a partnership agreement?
Profit and loss sharing: Partners share profits and losses equally, regardless of how much capital they contribute
Interest on capital: Partners don't receive interest on their capital
Interest on drawings: Partners aren't charged interest on drawings they make
Interest on loans: Partners receive 6% interest per year on loans they advance to the firm
Salary and commission: Partners aren't entitled to a salary or commission

[@KMTalks12]

Informative 😊

[@s2sentertainment700]

Excellent 👍👌

[@tahaquadri6106]

Thank you! Cheers!