to receive back any amount spent by him on behalf of the firm. Only thing is he must have acted prudently. vii. Right to use partnership property for the business Every partner has the right to use partnership property for the purpose of the partnership.
viii. Right to retire Every partner has a right to retire as per the terms of the deed or with the consent of the other partners. In case of partnership at will, he can retire at any time by giving prior notice to the other partners. ix.
Right to continue Every partner has the right to continue in the firm. He cannot be expelled except in accordance with the Partnership Deed. . Duties of Partner i.
Duty to carry on business Every partner has to carry on the business of the firm to the maximum advantage of all the partners. ii. Duty to be true Every partner must be true, just and faithful to one another. There must be utmost good faith and fair dealings.
iii. Duty to render true accounts A partner is bound to keep and render true and full accounts of the partnership. He must produce relevant vouchers for the expenses incurred by him and hand over to the firm all amounts which have come into his hands as a partner. iv.
Duty to indemnity the firm Every partner must indemnify the firm for any loss caused by his fraud or willful negligence in the conduct of the business. v. Duty to share the loss Every partner is bound to share the losses in the agreed ratio in the absence of an agreed ratio, it must be borne equally. vi.
Duty to claim remuneration No partner, including a managing partner is entitled to any remuneration (salary or commission), for the work done by him, unless there is an agreement to the contrary. vii. Duty not to use firm’s property for personal use The partnership property belongs to all partners. But a partner should not use the partnership property for his private purposes.
commerce - - . . PM viii. Duty not