Does sharing of profits impliedly mean sharing of losses?
Dr. Sharad Garg
(Querist) 04 June 2012
This query is : Resolved
Does an agreement to share profits in Partnership firm impliedly mean sharing of losses in same ratio?
What is the answer to following MCQ? Give suitable citation or Section to support answer.
An agreement to share profit ~
a.Impliedly means agreement to share losses
b.Does not impliedly mean agreement to share losses
c.Must necessarily specify loss sharing ratio as well
d.Impliedly means loss sharing ratio to be equal to profit sharing ratio
Which of the above options is correct?
ajay sethi
(Expert) 04 June 2012
we do not answer academic queries .
legaleagle
(Expert) 04 June 2012
I agree with mr. Ajay... But still i will give u a little help...NOTHING CAN BE READ BEYOND AN AGREEMENT ...
kuldeep kumar
(Expert) 04 June 2012
FULL RESPONSIBILITY OF LOSS.FIRST IS ANSWER.
Jeevesh
(Expert) 06 June 2012
As per partnership act a partership is possible wherein only pofits are share mutually and losses unilaterlally.
