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Partnership


General Duties of a Partner

Subject to a contract to the contrary between the partners the following are the duties of a partner.

 

  1. To carry on the business of the firm to the greatest common advantage. Good faith requires that a partner shall not obtain a private advantage at the expense of the firm. Where a partner carries on a rival business in competition with the partnership, the other partners are entitled to restrain him.

  2. To be just and faithful. Partnership as a rule is presumed to be based on mutual trust and confidence of each partner, not only in the skill and knowledge, but also in the integrity, of each other partner

  3. To render true accounts and full information of all things done by them to their co-partners.

  4. To indemnify for loss caused by fraud. Every partner shall indemnify the firm for loss caused to it by his fraud in the conduct of the business of the firm.

  5. Not to carry on business competing with the firm. If a partner carries on any business of the same nature as and competing with that of the firm, he shall account for and pay to the firm all profits made by him in that business.

  6. To indemnify the firm for willful neglect of a partner. A partner shall indemnify the firm for any loss caused to it by his willful neglect in the conduct of the business of the firm.

  7. To carry out the duties created by the contract. The partners are bound to perform all the duties created by the agreement between the partners.



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