Applicable rules in Partnership in the absence of a contrary agreement:

• All partners shall be entitled to share equally in the capital and profits of the firm and shall contribute equally towards the losses sustained by the firm.
• The firm shall indemnify every partner in respect of payments made and personal liabilities incurred by him in the ordinary and proper conduct of the business of the firm or in or about anything necessarily done for the preservation of the business or property of the firm.
• Any actual payment or advance beyond the amount of capital which he has agreed to subscribe shall be entitled to interest at the rate of five per centum per annum from the date of payment of advance.
• Even though a partnership agreement may make provision for the payment of interest on capital subscribed by a partner, such a partner shall not be entitled to payment of such interest before the ascertainment of the profit of the firm.
• Every partner may take part in the management of the business of the firm.
• No partner shall be entitled to remuneration for acting in the firm’s business.
• No person shall be introduced as a partner without his consent and the consent of all the existing partners.
• Ordinary matters connected with the firm’s business may be decided by a majority of the partners.
• No change may be in the nature of the firm’s business without the consent of all the existing partners.
• The partnership books and accounts shall be kept at the place of business of the firm or the principal place of business if there is more than one.