Partnership
This query is : Resolved
24 July 2010
In a partnership firm a new partner joined without bringing anything as capital or goodwill,but he got 1/3 share.i want to know whether he is entitled to share the profits of the firm at the end of the year.
24 July 2010
Yes. He is entitled to share the profits of the firm at the end of the year as he has 1/3 share. Profit will be distributed according to profit sharing ratio mentioned in partnership deed irrespective of capital of partner.
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