COMPANY AND PARTNERSHIP LAW QUESTION “In all partnerships, whether it is expressed in the deed or not, the partners are bound to be true and faithful to each other.” (Per Lord Eldon, Const vrs. Harris (1924) 37 Er 119). What does this statement mean in terms of section 34 of Act 152?
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
COMPANY AND PARTNERSHIP LAW
QUESTION
“In all partnerships, whether it is expressed in the deed or not, the partners are bound to be true and faithful to each other.” (Per Lord Eldon, Const vrs. Harris (1924) 37 Er 119).
What does this statement mean in terms of section 34 of Act 152?
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