CILEX CPQ A8 Business & Employment Law Practice Questions - CILEX CPQ Advanced Stage A8 Business & Employment Law Exam

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Under section 24(1) of the Partnership Act 1890, what is the default rule regarding partner entitlement to profits in a general partnership, in the absence of an express agreement?

Partners are entitled to share equally in the capital and profits of the business Profits must be distributed in proportion to each partner's original capital contribution Senior partners are entitled to 60% of profits, with junior partners sharing the remainder Profits are retained by the partnership until a formal dissolution occurs

Correct Answer:

Partners are entitled to share equally in the capital and profits of the business

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