| Commentary

69.1 Default provisions

| Commentary

69 Income and drawings

69.1 Default provisions

In relation to the sharing of income profits and losses, the principle in the default code is again one of equality, in that the Partnership Act 1890 provides that all the partners are entitled to share equally in the capital and profits of the business, and must contribute equally towards the losses sustained by the firm, whether of capital or otherwise1.

The Partnership Act 1890 goes on to state that a partner is not entitled to any remuneration for acting in the partnership business2 so, should the partners wish

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