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 other3.
The liability of a partner to contribute to losses may be limited or excluded as between the partners by express or implied agreement4,
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234