Partnership is an agreement between partners to share profit

Partnership, a partner can transfer his interest in favour of any other partner without the consent of all other partners

In absence of partnership deed neither interest is paid on capital nor charged interest on drawing

The liability of each partner in partnership is limited

In case of insolvency of a partner the deficiency of his capital is borne by all other partners

Current account is opened in fluctuating capital method

To make partnership deed is compulsory

New Ratio-Old Ratio Profit Receipt Ratio

Registration of partnership is not compulsory

Without any written agreement among the partners, a legal partnership can be formed

If the deed is silent on interest, then interest on partner’s loan will be paid @ 12% pa

Without Any written Agreement among the partners , a legal partnership can be formed

Maximum numbers of members in a banking firm may be 20

If the deed is silent on interest, then interest on partner’s drawings will be charged @ 6% рa

Every partner in the firm beside hitaking active part in the firm also work as an agent of the other partners

Disputes among the partners will not be solved as per the provisions of the partner- ship deed

The partnership act 1932 is applicable in partnership firm

Change in partnership deed is termed as re-constitution of partnership firm

Partnership agreement is always in writing