Asked by Roselyn Villaruz on Jun 11, 2024
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If a partner has paid more than his share of partnership losses, he has a right of contribution against the partners who have not paid their share.
Right of Contribution
A legal principle that allows a person who has discharged a debt or obligation which was owed by several parties jointly to claim a proportionate reimbursement from the other parties.
Partnership Losses
Financial deficits incurred by a partnership due to its business operations, shared among its partners according to their agreement.
- Comprehend the privileges and duties entailed in a partnership at the point of member induction or departure.
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Learning Objectives
- Comprehend the privileges and duties entailed in a partnership at the point of member induction or departure.
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