This section is from the book "Popular Law Library Vol8 Partnership, Private Corporations, Public Corporations", by Albert H. Putney. Also available from Amazon: Popular Law-Dictionary.
All partners are supposed to share equally in profit and loss whatever their contributions to the capital stock, unless other provisions are made. The reason for the rule depends on the mixed considerations of service, influence, knowledge, experience, and credit, as well as capital to be advanced, that together constitute the inducemnet to the formation of the partnership. But if shares in the profits are fixed according to the capital advanced or otherwise, the losses are presumed to be borne in the same fixed proportion. The fact that one partner has put nothing into the business but his services has no effect on his liability to his partners to share in the general loss. And although the capital advanced becomes the property of the firm yet its value constitutes a debt of the firm due the partners on dissolution.
But capital draws no interest or rent, services draw no salary, and the use of property contributed though the title to the property itself is reserved, draws no rent. This rule, of course, applies only when there are no specific stipulations. By agreement a person may be a partner and receive compensation for his services and interest on money either advanced as capital or as a loan. The general rule in all matters of partnership in which third parties are not interested is that the law is silent where the partnership contract speaks.