For each financial year, the profit or loss and each partner’s share thereof are determined on the basis of the annual accounts.
The interest on each partner’s share of the capital may be credited to that partner as provided in the agreement even if that share has been reduced by the loss for that financial year. Unless otherwise agreed, the interest rate is four per cent.
When calculating the profit or loss, the contractual fee for the work done by a partner is treated as a debt of the partnership.
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