Commerce Notes:Partnership Act

////Commerce Notes:Partnership Act

Commerce Notes:Partnership Act

Image credit ndlink.org

Image credit ndlink.org

ZIMSEC O Level Commerce Notes: Partnership Deed

Partnership Act

  • Where a Partnership Deed has not been drafted, the Partnership Act is applicable
  • It is enacted by Parliament.
  • The Act sets out the following provisions:
  • the partners must contribute equal amounts of capital.
  • Any disputes must be settled by a majority decision.
  • Profits or losses are to be shared equally.
  • No partner must claim interest on capital.
  • No partner earns a salary.
  • Books of accounts must be kept at the place where business is conducted and all partners have the right to inspect them.
  • Importance:
  • used to form a partnership.
  • Applicable in the absence of a Partnership Deed.

To access more notes go to the Commerce Notes page.

By |2017-01-17T11:19:05+00:00July 28th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|Comments Off on Commerce Notes:Partnership Act

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He holds an Honours in Accountancy degree from the University of Zimbabwe. He is passionate about technology and its practical application in today's world.
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