guarantee of profit to a partner

Sometimes a partner is guaranteed his minimum share of profits. This guarantee can be given by any of the following:

1) Any one of the partner,

2) Some of the partners in a fixed ratio,

3) All of the other partners in a fixed ratio.

If the profit share of the partner to whom guarantee has been given is less than the guaranteed amount then the exess paid to him is charged to the partner/partners who have given the guarantee. If the ratio in which the deficiency to be borne by the other partners is not given it is charged from them in the profit sharing ratio among them.

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