You are required to discuss the following points related to Partnership mode of business as per the law of partnership discussed in this course:
Sharing of profit is necessary but sharing of loss is not necessary to formulate a Partnership. Do you agree with this statement?
Provide any one of the situations where the profit of the firm will be distributed equally among all the partners.
In a particular firm having four partners, the ratio for loss sharing has not been agreed expressly. If a sleeping partner has provided 22% share in capital, could the firm charge 25% loss to him?
On very first calculation of monthly profit in a firm having three partners, the third partner being the expert manager of the business of the firm retains 5% of revenue with him before calculating the net profit, is he right?
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