Partnership ownership

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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2014 Me and my son are partners in a partnership firm.
The terms of agreement say equal allocation of profit/loss and equal remuneration to both the partners.
Capital is in 90:10 ratio.
My question is, in legal terms are we considered as 50:50 partners or 90:10 partners?
What is the shareholding of each of us? if the firm is sold then at what ratio the proceeds will be distributed?Are there any Court rulings?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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21 February 2014 shareholding of profits shall be 50:50 as u wrote above it is mentioned in agreement.

agreements is deciding factor and not capital.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2014 So if the firm is sold/dissolved then at what ratio proceeds will be distributed?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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21 February 2014 that must be provided in agreement if not then in profit sharing ratio or capital ratio as mutually decided by partners.

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