Monday, 27 June 2016

Right and Duties of the Partners

Some detail of rights and duties of partners  are as under:
Rights of the Partner(s): 
1: To take active part in  business management.
2: To be consuled or express his vierw before others partners.
3: To inspect and acess any of the businees book.
4: To share profit or losses as per written.
5: To use business property for business use only.
6: To claim profit on his investement(If agrreed by all)
7: To accept or not accept the new partner.
8: To retire
9: To chalenge the expell motion if made.
10: To be damnified bythe firm in respect of payments made or liability incurred by him,during
the ordinary and proper conduct or in an emergency for  the purpose of protecting the firm from l0ss and damage.
Duties of partner(s):
1: To obswerve good faith in all respect.
2: To perform his duties diligently without person interest.
3: To idemnify for wilful neglect.
4: To idemnify for fraud.
5: To share losses.
6: To account for  private profits obtain by him.
7: To act with in authoriy assigned to  him.
8: To hold and use property of the firm exclusively for the business purpose.
9: To be liable for the business debits jointly and serially.
10: Not to assign his rights to an  outsider.

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