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A partnership is basically a matter of agreement between the parties or partners in the business. Section 24 of the Partnership Act sets out rules which...

      

A partnership is basically a matter of agreement between the parties or partners in the
business. Section 24 of the Partnership Act sets out rules which apply in the absence of
express o implied agreement to the contrary. Outline five of these rules.

  

Answers


Raphael
These are the rules applicable in the absence of a partnership deed.
- Partners share profit or loss equally
- A partner who incurs loss or liability in the course of the firms business is entitled to indemnity
- A partner who lends money to the firm is entitled to interest at the rate of 6% per annum
- A partner is not entitled to interest on capital before ascertainment of profit
- A person cannot be admitted as a partner without consent of all existing partners
- Every partner is entitled to take part in the management of the firm?s business
- Differences in ordinary matters are resolved by a majority of the partners
- The firm can only change the nature of its business if all partners agree
- A partner cannot be expelled from the firm unless the power to do so is expressly vested on the partners
- Partners have access to the firm's books of account
- Partners are not entitled to remuneration for managing the firms business
raphael answered the question on April 18, 2018 at 11:56


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