- Partners share profit or loss equally
- A partner who incurs loss or liability while discharging the firms obligations is entitle to indemnity.
- A partner who lends money to the firm is entitled to interest at the rate of 6% per annum.
- A partner is entitled to take part in the management of the firms
- A partner is not entitled to remuneration for taking part in the management of the firm business.
- A person cannot be admitted as a partner without consent of all existing partners
- Difference in ordinary matters may be decided by majority of the partners
- The firm cannot change its business without the consent of all partners
- Every partner has the right of access to the firms books of
- A partner cannot be expelled by the others unless the power to do so by expressly vested on them
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