Partnership

Toni S. Sachdevani (Querist) 05 January 2013 This query is : Resolved
Sirs,
Can there be a Partner in profits only?
Example:- A & B are partners. A is entitled to 75% Profits & B to 25%. However A only is liable for all the losses i.e. 100% losses & B is liable for nothing. Can B be partner in profits?

Thanks&Regards,

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Adv.R.P.Chugh (Expert) 05 January 2013
Yes. Sharing of profits is an essential condition of being a partner as per S.4 of the Partnership Act, sharing of losses is not.

V R SHROFF (Expert) 05 January 2013
There are partnership with partner in PROFIT ONLY.

ajay sethi (Expert) 05 January 2013
agree with experts

Raj Kumar Makkad (Expert) 05 January 2013
It all depends upon the terms of the deed.

Guest (Expert) 05 January 2013
I endorse the views of the experts.

R.K Nanda (Expert) 06 January 2013
depends on terms and conditions of PD.

Advocate Bhartesh goyal (Expert) 06 January 2013
Yes,a person may be partner in a firm for profits only.

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