In the absence of express or implied agreement, partners must contribute equally towards losses, whether of capital or otherwise, sustained by the firm1. When the profits are not shared equally, the losses are, in the absence of agreement, to be borne in the same proportions as the profits are shared2, regardless of whether one partner has put up more capital than the other
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This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an arrangement constitutes a contract of insurance and the possible consequences of carrying on activities relating to a contract of insurance without the requisite regulatory permissionsThe
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