The phrase “in the absence of an agreement to the contrary the partners are entitled for” is a legal term that refers to the default rules that apply in the absence of a formal partnership agreement. Put simply, if there is no express agreement between partners regarding how profits, losses, and other aspects of the partnership will be shared, then certain legal rules will automatically apply.

Under the default rules, partners are entitled to an equal share of the profits and losses of the partnership. This means that each partner is entitled to receive an equal distribution of the profits generated by the partnership, as well as to be responsible for an equal share of any losses incurred by the partnership.

In addition, partners are entitled to participate in the management and operation of the partnership. This means that each partner has a say in how the partnership is run, including decisions regarding business strategy, hiring and firing of employees, and other important matters.

Importantly, these default rules can be overridden by a formal partnership agreement. A partnership agreement allows partners to set their own terms regarding the distribution of profits and losses, management responsibilities, and other important aspects of the partnership. This can help avoid disputes and provide a clear framework for how the partnership will operate.

In conclusion, while the phrase “in the absence of an agreement to the contrary the partners are entitled for” may seem like legal jargon, it is an important concept for those involved in partnerships to be aware of. By understanding the default rules that apply in the absence of a formal partnership agreement, partners can make informed decisions about how to structure their partnership and avoid potential disputes. If you are thinking about entering into a partnership, it is always advisable to consult with a qualified legal professional to ensure that your rights and interests are protected.