Partnership firm ? the rights of a partner

Partnership firm is an association of two or more persons with an intention to carry on the business by all or any one of them acting for all and agreeing to share the profits thereof.

A person who is entering into a partnership with one or more such persons is individually called as a partner. When a person becomes a partner with another person for some definite adventure or undertaking, such relationship is termed as partnership.

Every partner has the right to take part in the conduct of the business and is bound to attend diligently to the duties in the conduct of business, any different arising as to ordinary matters connected with the business may be decided by majority of the partners and every partner shall have the right to express his opinion before the matter is decided; however, no change should be made in the nature of the business without the consent of all the partners and every partner has a right to have access to and to inspect and copy any of the books of the firm.

All the partners have the right to take part in the management.

Each partner in a partnership firm can either in person or through an unobjectionable agent inspect and copy the books of the firm. The motive of the inspection is entirely immaterial. The partner or his agent should not make improper use of the information gained by such inspection.

The partners are having mutual rights and the following are the rights of the firm subject to the conditions that they are entering into any contract:

• No partner will be entitled for remuneration for conduct of the business;
• The profit shall be shared equally and the losses sustained by the firm shall be made good by contributing equally;
• If partner is entitled to interest the same shall be paid only out of the profits;
• When a partner makes any payment or advance to the firm more than his usual contribution, he is entitled to earn interest as decided by the partners mutually.
• A partner is liable to indemnity the firm in case any loss is sustained by his willful neglect in the conduct of the business and
• A partner is entitled to get reimbursement from the firm of the payments made and liabilities incurred by him in the ordinary and proper conduct of business and for the purpose of protecting the firm from loss, as would be done by a person of ordinary prudence and similar circumstances.

All properties? thrown into the common stock at the beginning of the partnership and added there during the continuance of the partnership or obtained by means of the partnership whether directly by purchase or otherwise and also includes the goodwill of the business, subject to contract between the partners.

It is the benefit arising from the connection and reputation and its value is what can be got for the chance of being able to keep that connection and improve it.

A partner can use the partnership property for his private purposes or for getting private advantage for himself and the partners can be agreement convert partnership property into separate property of an individual partner and vice versa.

Source: http://partner.ezinemark.com/partnership-firm-the-rights-of-a-partner-7d378e2b7a88.html

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