Question

    Under the Indian Partnership Act, 1932, Section 13,

    partners are entitled to which of the following by default?
    A Salary for their work Correct Answer Incorrect Answer
    B Interest on capital contributions Correct Answer Incorrect Answer
    C Equal share in profits Correct Answer Incorrect Answer
    D Remuneration for management Correct Answer Incorrect Answer
    E Rent for partnership premises Correct Answer Incorrect Answer

    Solution

    Section 13 of the Partnership Act establishes the default profit-sharing rule: partners share profits equally unless there's an express or implied agreement to the contrary. Notably, partners are not entitled to salary, interest on capital, or remuneration for work unless specifically agreed, emphasizing partnership as a relation of mutual trust rather than employment.

    Practice Next
    More Other Laws and Acts Questions
    ask-question