Rights and Duties of Partners
A partnership can be defined as the agreement between two or more persons who have agreed to share the profits of a business which is carried be all or any one of them acting for all. Here are some of the rights of partners –
1. Every partner has the right to take part in the management of the business, and hence every partner should be consulted before taking any decisions which can have a material impact on the business which partners are running.
2. A partner can deny any admission of a new partner into the partnership firm. Also he can retire at any point of time from partnership after giving proper notice to all other partners.
3. Every partner has the right to share the profits or losses with a predetermined ratio and also if in the course of business if any partner has paid any expense out of his or her pocket then he has the right to get indemnified from the partnership firm.
Along with the right there are some duties which partners have to perform like he must devote time and concentration towards business, he must act within authority as well as carry the business with utmost care and if any loss happens due to his negligence then he must compensate the same to all other
Above rights and duties of partners are not limited and there can be many other rights and duties which can be decided by partners according to partnership deed or agreement.