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Commentary

67.1 Default provisions

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

67.1 Default provisions

| Commentary

(c) Capital and income

67 Capital

67.1 Default provisions

Under the default code, equality is the general rule in relation to the capital and income of the partnership. The Partnership Act 1890 provides that, subject to any express or implied agreement between the partners, all the partners are entitled to share equally in the capital and profits of the business, and must contribute equally towards the losses whether of capital or otherwise sustained by the firm1. The Partnership Act 1890 does not define what is meant by the capital of the business, but case law suggests that a right to share equally

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