131. Partners bear losses equally.

131.     Partners bear losses equally.

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,