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Subject to a contract to the contrary a partner
has the following rights.
To take part in the conduct and management
of the business
To express opinion in matters connected with
the business. He has a right to be consulted and heard in all
matters affecting the business of the firm
To have free access to all the records, books
of account of the firm and take copy from them.
To share in the profits of the business. Every
partner is entitled to share in the profits in proportion agreed
to between the parties.
To get interest on the payment of advance.
Where a partner makes for he purpose of the business, any payment
or advance beyond the amount of capital he has agreed to subscribe,
he is entitled to interest thereon at the rate of 6% per annum.
To be indemnified by the firm against losses
or expenses incurred by him for the benefit of the firm.
This web site is designed for general information
only. The information presented at this site should not be construed to be formal
legal advice nor the formation of a lawyer/client relationship. Persons accessing
this site are encouraged to seek independent counsel for advice regarding their
individual legal issues or consult one of the experts online.
