These are the rules applicable in the absence of a partnership deed.

  1. Partners share profit or loss equally
  2. A partner who incurs loss or liability in the course of the firms business is entitled to indemnity
  3. A partner who lends money to the firm is entitled to interest at the rate of 6% per  annum
  4. A partner is not entitled to interest on capital before ascertainment of profit
  5. A person cannot be admitted as a partner without consent of all existing partners
  6. Every partner is entitled to take part in the management of the firm’s business
  7. Differences in ordinary matters are resolved by a majority of the partners
  8. The firm can only change the nature of its business if all partners agree
  9. A partner cannot be expelled from the firm unless the power to do so is expressly vested on the partners.
  10. Partners have access to the firm’s books of account.
  11. Partners are not entitled to remuneration for managing the firms business

CPA Revision kits and past papers with answers

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