The rights and duties of partners include;
- Every partner has a right to share the profits made by the firm.
- Every partner has a right to air out his opinions on matters concerning the firm.
- A partner has a right to participate in any competing business after retirement; however, he has no right to use the firms name.
- Every partner has a right to inspect the firms books of accounts, documents of the firm e.t.c
- Every partner has a right to receive interest on capital if specified in the deed.
- Every partner has a right to participate in the management affairs of the business.
- Every partner has a right to use the firms property for the purpose of the partnership business.
- Every partner has a duty to act in a just and faithful manar towards each other.
- Every partner has a right to act on behalf of the business except a limited partner.
- Every partner is personally liable for the debts of the firm.
- No partner has a right to sell shares to an outsider without the consent of other partners.
- No partner is allowed to participate in any business that competes with that of the firm. If one conducts a private venture that competes with partnership, all profits made by him should be surrendered to the partnership.
- A partner has a right to be indemnified for any liability incurred by him in the conduct of the business.
- Every partner has a right to access the firms funds and has to render utmost good faith in displaying accounts.
- Every partner should work within the limits of his authority or else he will be made to compensate the firm for the loss as a result of his negligence.
- Every partner must do whatever it takes to protect the firm from making losses. In case a loss is made out of ones negligence, he will be called upon to make good such a loss
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