Question

R, S and T entered into a partnership for manufacturing and distributing educational CDs on April 1, 2006. R looked after the business development, S content development and T financed the project. At the end of the year, S wanted 50% share in profit for the intellectual work he did. The other partners were not inclined to this. How would you resolve this on the basis of the provisions of Indian Partnership Act,1932? 

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Answer 1

Answer:

As there's no partnership deed between partners so we have to follow the u/s 13 of partnership act, 1932.

As per u/s 13(b) of partnership act, 1932, share of profit/loss must be shared equally if there's no partnership deed exists.

So S's claim is not reasonable and even if he wants to sue them still he can't do it as there's no partnership deed[u/s 69(1)].