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ZIMSEC O Level Commerce Notes: Partnership Deed
Partnership Act
- Where a Partnership Deed has not been drafted, the Partnership Act is applicable
- It is enacted by Parliament.
- The Act sets out the following provisions:
- the partners must contribute equal amounts of capital.
- Any disputes must be settled by a majority decision.
- Profits or losses are to be shared equally.
- No partner must claim interest on capital.
- No partner earns a salary.
- Books of accounts must be kept at the place where business is conducted and all partners have the right to inspect them.
- Importance:
- used to form a partnership.
- Applicable in the absence of a Partnership Deed.
To access more notes go to the Commerce Notes page.
