Question

IN THE ABSENSE OF AN AGREEMENT TO CONTARARY THE PARTNERS ARE

Answer 1

Answer:

in the absence of agreement partners follow the following according to THE INDIAN PARTNERSHIP ACT 1932;--

1. partner share profit equally
2. partner not entitled for salary and commission
3. there is no interest on capital and interest on drawing
4. there is 6 % interest on partners loan to business
5. new partner admission is possible with the consent of all partners