Introducing to Partnership
A partnership is the result of an agreement between the partners, their mutual rights and duties are governed by the same. An agreement containing these rights and duties is generally entered into at the time when the partnership comes into existence.
Rights Of A Partner
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Right to take part in Management [Section 12 (a)]
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Right to be Consulted [Section 12(c)]
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Right of Access to Accounts [Section 12(d)]
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Right to Share Profits [Section 13(b)]
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Right to Interest on Capital [Section 13(c)]
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Right to Intrest in Advances [Section 13 (d)]
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Right to Indemnity [Section 13(e)]
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Right to the use of Partnership Property [Section 15]
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Partner's Authority in an Emergency [Section 21]
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No New Partner to be Introduced [Section 31(1)}
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No Liability before Joining [Section 31 (2)]
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Right to Retire [Section 32 (1)]
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Right not to be Expelled [Section 33 (1)]
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Right to Carry on Competitive Business [Section 36]
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Right of Outgoing Partner to Share Subsequent Profits [Section 37]
These all elements are the rights of a partner.
Duties Of A Partner
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To Carry On the Business of the firm to the greatest common advantage [Section 9].
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To be just and faithful to each other [Section 9].
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To render true accounts [Section 9].
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To provide full information [Section 9].
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To indemnify for loss caused by fraud [Section 10].
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Prohibition against carrying on the business [Section 11 (2)].
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To attend diligently to his duties without remuneration [Section 12 (b), 13 (a)].
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To share losses [Section 13 (b)].
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To indemnify for loss caused by wilful neglect [Section 13(f)].
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To hold and use the property of the firm [Section 15].
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To account for personal profits [Section 16 (a)].
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To account for profits of competing for business [Sectoin 16 (b)].
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Not to assign his rights [Secton 29].
