shriram and shridhar are in partnership sharing profits and losses equally
Answers
Answer:
Hriram and Shridhar are in partnership sharing profits and losses equally because there is absence of partnership deed
Explanation:
Absence of a Partnership Deed
The partners will share profits and losses equally. Partners will not get a salary. Interest on capital will not be payable. Drawings will not be chargeable with interest.
Partnership deeds, in very simple phrases, are an settlement among partners of a firm. This settlement defines information just like the nature of the firm, responsibilities, and rights of partners, their liabilities and the ratio in which they'll divide profits or losses of the firm.
although the drafting of partnership deeds isn't always compulsory, it's far usually suggested to do so. This helps in ensuring that all phrases agreed by means of companions exist in written shape on paper. Doing so can lessen disputes between companions and govern their functioning better.
In contrast to similar documents like articles of association of groups, partnership deeds need not be registered mandatorily. but, registration can make certain the prevention of felony demanding situations to its validity when disputes arise. a super partnership deed is complete and clean about all details touching on the functioning of a firm. It should now not comprise any ambiguities.
shriram and shridhar are in partnership sharing profits and losses equally
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In the absence of Partnership Deed
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