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of <h1>Partners Under Indian Partnership Act, 1932: Rights, Liabilities, Profit Sharing, and Indemnity Explained.</h1> Under the Indian Partnership Act, 1932, partners in a firm have specific rights and liabilities unless otherwise agreed. Partners are not entitled to remuneration for participating in business operations. Profits and losses are shared equally. Interest on capital is paid only from profits, and any additional advances by a partner earn six percent interest annually. The firm must indemnify partners for payments made or liabilities incurred in the ordinary course of business or in emergencies. Conversely, a partner must indemnify the firm for losses due to their willful neglect.
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