Question

What if the Partnership Deed Is Silent?

Answer 1

If the partnership deed is silent then the rules applicable for partnership without partnership deed will be applicable which are as follows:

1. Profits and losses should be shared equally among partners.
2. Partners will not receive any interest on capital
3. Partners will not be entitled to any salary or commission.
4. If the partner has provided any loan to the firm, he will receive interest at the rate of 6% pa.

Also read:

• MCQs on Partnership
• Partnership Deed
• What Is Partnership
• Difference Between Sole Proprietorship and Partnership

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