Int on Capital in absence of any clause in deed
02 July 2020
We are a partnership firm of two partners. One partner has contributed more than 3/4th capital. In absence of any clause in partnership deed regarding interest on capital, can we give interest on capital to only one partner who has contributed most. This is will be as per mutual understanding of both partners, since profit of firm is very less , it being first year of the firm. Please advise. Thanks in advance
03 July 2020
As there is no specific mention in the deed about the interest on capital, hence you cannot withdraw the same.
22 July 2020
Sir if there is a clause in partnership deed of Interest on Capital of maximum of 12%, Is it mandatory to withdraw interest on capital ?
25 July 2020
No it is not mandatory.
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