The partnership deed contains the rights and duties of partners. If there is no partnership deed, the partners have certain rights like business management, expression of opinion, profit sharing, checking the books of accounts, ownership of business property etc.
Some notable rights of partners in the partnership can be discussed as follows:
Every partner has the right to take active part in management of business.
Every partner has the right to express opinions related to the business. He has right to be consulted.
Every partner has the right to inspect books of accounts of business. He can obtain copies of accounts.
Every partner has the right to share profits of business. It can be proportion of capital or as per agreement.
5. Receive interest
Every partner has the right to receive interest on loans and advances to the firm at a specified rate. The partner cannot demand interest on capital.
Also Read: Meaning And Contents Of Partnership Deed
Every partner has the right to be compensated for payments made for business purposes.
Ownership of property is the right of partners in the partnership business. Every partner has the right to ownership of property of the firm. He can use the property for the benefit of the firm.
Every partner has the right to leave the firm with the consent of other partners. A partner can also stop the admission of new partner.
Every partner has the right to dissolve the firm with mutual consent of all partners. He can also dissolve the firm by giving written notice for dissolution to other partners.
Some notable rights of partners in the partnership can be discussed as follows:
1. Manage business
Every partner has the right to take active part in management of business.
2. Express opinion
Every partner has the right to express opinions related to the business. He has right to be consulted.
3. Inspect books of accounts
Every partner has the right to inspect books of accounts of business. He can obtain copies of accounts.
4. Share profit
Every partner has the right to share profits of business. It can be proportion of capital or as per agreement.
5. Receive interest
Every partner has the right to receive interest on loans and advances to the firm at a specified rate. The partner cannot demand interest on capital.
Also Read: Meaning And Contents Of Partnership Deed
6. Get compensation
Every partner has the right to be compensated for payments made for business purposes.
7. Ownership of property
Ownership of property is the right of partners in the partnership business. Every partner has the right to ownership of property of the firm. He can use the property for the benefit of the firm.
8. Retirement
Every partner has the right to leave the firm with the consent of other partners. A partner can also stop the admission of new partner.
9. Dissolution of firm
Every partner has the right to dissolve the firm with mutual consent of all partners. He can also dissolve the firm by giving written notice for dissolution to other partners.
