Remuneration to partner
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 June 2013
sir,
can a partnership firm distribute remuneration and pay interest to its partner in case of loss.
partnershipp deed contains remuneration limit same as per it act but also says that in case of in sufficient profit remuneration and interest only to the extent of profit.
Thanks in advance
can a partnership firm distribute remuneration and pay interest to its partner in case of loss.
partnershipp deed contains remuneration limit same as per it act but also says that in case of in sufficient profit remuneration and interest only to the extent of profit.
Thanks in advance
11 June 2013
From the wordings of the partnership deed reproduced in the query, prima facie it seems that the firm is NOT ENTITLED to pay remuneration and interest in case of loss.
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