Advance

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Definitions
Advance
Advance Partnership Partnership Act 1890 Loan Capital Contributions Interest Dissolution Financial Management
An advance refers to a payment on account or a loan. It is particularly relevant in a partnership context, referring to amounts paid into the partnership that exceed agreed capital contributions. Under the Partnership Act 1890, such advances collect interest unless otherwise agreed by the partners. On dissolution, advances are repaid after external creditors but before the distribution of remaining capital to the partners.
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