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Querist : Anonymous

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Querist : Anonymous (Querist)
12 November 2010 A Deed of Partnership states that interest shall be paid on amounts brought in by Partners by way of Capital,Loan,Advance or Deposit.But no interest shall be paid to Parners in the event of a Loss to the Partnership Firm.
Does it cover Partners Capital Only or is applicable to Loans,Advances and Deposits given by Partners?

Can the Deed be amended to enable payment of Interest in the event of a Loss without contravening any provision of any law?
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B R Ramesh

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B R Ramesh (Expert)
13 November 2010 Hi

it will cover under loans advances and deposit.

if the partners require interest even its under loss
amend the Deed.

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