Partners
This query is : Resolved
13 February 2014
1. as per present rules , if the profit of a partnership firm in 1st yr is 10 lacs per annum then what maximum salary can be given to partners (3) & if the profit inncrease by 20 % every year can the salary be increased proportionately
2. does the salary have to be in accordance to the profit sharing ratio or can it be different and as per mutual agreement , does this mututal agreement need to be recorded in the partnership agreement or any do we require to pass any official document in this regard
2. does the salary have to be in accordance to the profit sharing ratio or can it be different and as per mutual agreement , does this mututal agreement need to be recorded in the partnership agreement or any do we require to pass any official document in this regard
13 February 2014
First of all the Salary to the partner is fixed as per the partnership deed and if no clause is there for payment of salary to partner then it cannot be paid.
Once the salaary is fixed it cannot be increased and in case you want to increase it then you have to execute a supplementary deed
Once the salaary is fixed it cannot be increased and in case you want to increase it then you have to execute a supplementary deed
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