Partnership

Rights of The Partners

Subject to a contract to the contrary a partner has the following rights.

1. To take part in the conduct and management of the business
2. 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
3. To have free access to all the records, books of account of the firm and take copy from them.
4. To share in the profits of the business. Every partner is entitled to share in the profits in proportion agreed to between the parties.
5. 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.
6. To be indemnified by the firm against losses or expenses incurred by him for the benefit of the firm.