1. Every partner has a right to take part in the management of the business.
2. Every partner has a right to be consulted about the affairs of the partnership business.
3. Every partner has a right to inspect the books of account and have a copy of the same.
4. Every partner has a right to share the profits(or losses) with others in the agreed ratio.
5. If a partner has contributed a sum in excess of the agreed capital, he has a right to receive interest on such an excess at an agreed rate of interst. In case the rate of interest is not agreed, he may be paid interest @6%per annum.
6. In case of an emergency, a partner has the right to act according to his best judgement and be indemnified for the expenses incurred by him.
7. A partner has the right not to allow the admission of a new partner.
8. On giving a proper notice, a partner has the right to retire from the firm.
9. If a partner incurs expense on the business or he pays some money on behalf of the firm, that partner may get indemnified of these payments from the firm.
2. Every partner has a right to be consulted about the affairs of the partnership business.
3. Every partner has a right to inspect the books of account and have a copy of the same.
4. Every partner has a right to share the profits(or losses) with others in the agreed ratio.
5. If a partner has contributed a sum in excess of the agreed capital, he has a right to receive interest on such an excess at an agreed rate of interst. In case the rate of interest is not agreed, he may be paid interest @6%per annum.
6. In case of an emergency, a partner has the right to act according to his best judgement and be indemnified for the expenses incurred by him.
7. A partner has the right not to allow the admission of a new partner.
8. On giving a proper notice, a partner has the right to retire from the firm.
9. If a partner incurs expense on the business or he pays some money on behalf of the firm, that partner may get indemnified of these payments from the firm.
