Rights of each partner, The rights of each partner : Under the Partnership Act, partners

Rights of each partner

The rights of each partner: Under the Partnership Act, partners have the right to:

Share equally in profits and losses;
Indemnity;
Interest on advances;
Interest on capital;
Share in management of the business;
Wages / drawings;
Consent to introduction of new partners;
Change the fundamental nature of the business by unanimous vote;
Access partnership books; and
Expel a partner by majority – only if allowed for in a partnership agreement.

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