A partnership is also known as a partnership agreement.Either it can be oral or written document having prescribed details of rights and responsibilities of all the partners who are joint with a specific business.Such kind of agreement is enforceable by law.The persons who have made the document of document with one another are called partner and made a promise that they will share the profit of business.The rights and Duties are defined as per law .
Partner :
A partner is a member in Partnership who agrees to share both profits and losses of a business is called partner.
Rights of Partner:
Right of Profit
Right of insurance
Right to manage
Right to express opinions
Right to access the accounts books
Right to give consent for new partner
Right to receive interest on capital
Right to receive interest on advances
Right to stay
Partner’s right in emergency
Right of retirement
Right of dissolution
Right of stop the company name and property
Right to claim for shares
Duties of Partner :
Duty to run business
Duty to maintain accounts
Duty to provide information
Duty to keep secrecy
Duty to compensate
Duty to obey the decisions
Duty to share the loss
Duty to use the property of Company
Sincerity
Duty not to start other business
Duty to pay profit
Duty not to transfer his rights
