20 August 2010
What should be the amount paid as salary/remuneration. Can it be anything or is it fixed as in maximum or minimum amount. Also if the partnership deed has a clause of interest to be paid on capital to partners at a certain percentage. Can same be removed from deed or is it mandatory to give interest on partners capital. In case mandatory who will give this interest, as i understood a partnership firm does not have seperate identity. Please explain.