2. Interest on subscriptions: No interest will be charged on partners` subscriptions. 4. Interest on loans: If a shareholder, apart from his share capital, presents money in the form of a loan to the company, he is entitled to interest on this amount of six percent per year. In the absence of a partnership agreement, interest is paid on the partner`s loan If a partner has granted the company a loan in addition to his share of the capital, he will be granted an interest rate of 6% on such a loan. (§ 13) Normally, a company deed covers all matters relating to the mutual relationship between the partners. However, in the absence of an agreement, the following provisions of the Indian Partnership Act 1932 apply for accounting purposes. 6. The partner shall indemnify the company for any damage caused to him by his intentional omission from the commercial activities of the company. 1. Interest on capital: No interest is allowed on shareholders` capital. If interest is allowed under the deed of partnership, it will only be paid if a profit is made.
In case of loss, no interest will be paid. 5. Profit-sharing ratio: Shareholders share the company`s profits equally, regardless of their capital contribution. Under the Partnership Act of 1932, the following rules apply in the absence of agreement between partners: For more information, see the SEC`s Privacy and Security Policy. Thank you for your interest in the U.S. Securities and Exchange Commission. Accounting rules that apply in the absence of a company deed: 3. Salary / Commission to the partner: No partner is entitled to a salary / commission of the firm unless the deed of company provides for it. Mutual rights and obligations.—Subject to a contract between the partners,—The block is automatically lifted while waiting 10 minutes. If you continue to exceed the SEC`s maximum allowable application rate during the expiration period, the duration of the expiration period will be extended. To ensure equitable access for all users, please reduce the rate of your requests and review SEC.gov after the 10-minute break expires.
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