Question
If a partner earns any personal profits from the business of the firm:
Solution
As per s.16 of the Indian Partnership Act, 1932- Section16 PERSONAL PROFITS EARNED BY PARTNERS. Subject to the contract between the partners, - (a) if a partner derives any profits for himself from any transaction of the firm, or from the use of the property or business connection of the firm or the firm-name, he shall account for that profit and pay it to the firm;
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