Accountancy, asked by rinkibiswakarma858, 8 months ago

is there any possibility of getting share of profit by the partners if the firm suffers from loss??

Answers

Answered by ItzMADARA

26

A person who becomes a partner on the specific understanding that he shall get a share in the profits of the firm, but shall not share any loss sustained by the firm. However, even such a partner is liable for claims against the firm. Usually, such partners contribute their reputation and goodwill to the business.

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