What is the effect of not stating the proportion of sharing profit and loss in partnership agreement?

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What is the effect of not stating the proportion of sharing profit and loss in partnership agreement?

commercial law firms in Nigeria

Subject to the provision of Section 25(a) of Partnership Law of Lagos State, where there is no express provision stating the proportion of sharing profit and loss, the law presumed it would be shared in equal shares by partners- 50:50.

So when next you are contemplating a partnership, remember that provision for sharing profit and loss is sacrosanct.

Meanwhile, Resolution Law Firm still inexpensively assist small and large corporations for drafting and vetting of business contract, shareholders agreement, and partnership agreement.  The firm still continue to assist in swift Registration of companies, churches and other NGOs.

 

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