Rights and duties of partners

Rights and duties of partners

 

Rights of partners

  1. Every partner has right to take part in planning, implementation and control activities of the firm
  2. Every partner has right to express his opinion, give advices and view on any subject
  3. Every partner has right to inspect and enquire about the account and ask for the duplicate copy
  4. Every partner has right to share the profit according to the agreement
  5. Every partner has right to get interest on loan and advances
  6. Every partner has right to use the properties of the firm but only for the benefit of the firm not or personal use
  7. Every partner has right to leave the firm with consent of remaining partner
  8. Every partner has right to have interest on the property but should not sell the property to anyone without the consent of other partners
  9. Every partner has right to dissolve the firm with the consent of other partners

 

 

Duties of the partners

  1.  It is the duty of every partners to share the loss occurred in a firm
  2. It is the duty of every partners to work honestly and faithfully and work for common benefit of all partners and firm
  3. It is the duty of every partners to work and make decisions within the authority
  4. It is the duty of every partners to maintain the financial status of the firm.
  5. It is the duty of every partners to stop the leakage in firm. There should not make any secret profit.
  6. It is the duty of every partners to compensate on the loss and damage of firm.
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