Indian Partnership Act, 1932
Section - 13 - Mutual rights and liabilities
Mutual rights and liabilities
13. Subject to contract between the partners,-
| (a) | - | a partner is not entitled to receive remuneration for taking part in the conduct of the business; |
| (b) | - | the partners are entitled to share equally in the profits earned, and shall contribute equally to the losses sustained by the firm; |
| (c) | - | where a partner is entitled to interest on the capital subscribed by him such interest shall be payable only out of profits; |
| (d) | - | a partner making, for the purposes of the business, any payment or advance beyond the amount of capital he has agreed to subscribe, is entitled to interest thereon at the rate of six per cent per annum; |
| (e) | - | .... To read the full section download the app from Google Play store
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