The operations and administration of the Partnership Firm is governed by the Partnership Deed entered into and executed with mutual consent of all the Partners. The terms and covenants for addition of any Partner is complete discretion of Partners to the Firm.
The return to the contribution of Partners is interest on capital, which cannot be paid to partner who has not contributed in the Firm. However, right to have share in profit can be can be given by expression of same in Partnership Deed.
To know more about returns to Partners of Partnership/LLP, please visit our blog at Allowable Remuneration to Partners of an LLP
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