Introduction of Partnership Act 1961

1. If a partnership agreement is not made or does not specify a case, then any dispute between the partners will be settled in accordance with the Partnership Act 1961.

2. The following are some of the provisions of the Partnership Act 1961:

(a) Profit and loss are evenly distributed.
(b) Unpaid partner.
(c) Interest not paid on the partner’s capital.
(d) Interest at a rate of 8% per annum paid on a loan given by a
(e) Interest is not imposed on taking.
(f) The solution to any dispute between the partners is made by
majority vote.
(g) The consent of all partners must be obtained to take a new partner
into partnership.
(h) All partners can manage partnership matters.
(i) All book sharing accounts must be kept at the place of business.
Each partner has the right to review it.