Duties and rights of partners

Category: Education

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Slide 1: 

Partner is one of the co-owners and investors in a "partnership" which is an on-going business enterprise entered into for profit. A "general partner" is responsible for the debts, contracts and actions of all the partners in the business, is an equal in management decisions unless there is an agreement establishing management duties and rights, and shares in the profits and losses based on the percentage of the investment (either in money or effort) in the partnership. Introduction

Slide 2: 

A partner is a member in a partnership, an entity in which both the profits or losses of a business or other venture are shared between all members. Corporations favor partnerships because of a taxation structure that eliminates dividend taxes upon the profits of owners. Definition of Partner

Need/Purpose of the study : 

Need/Purpose of the study To know the duties of the Partners. To know the rights of the Partners. The study is done based on the objective to gain a better understanding of the duties and rights of partners. Objective of the Study

Slide 4: 

General duties of partner To attend diligently [sec.12 (b)] Not to claim remuneration taking part [sec.13 (a)] To contribute equality to the losses [sec.13 (b)] To indemnified the firm [sec.13 (f)] To hold and use firm property for business purpose [sec.15] Account for and pay the personal profits from transactions of firm etc., [sec.16 (a)] To accounts for and pay the personal profits from a competing business [sec.16 (d)]

Slide 5: 

Rights of partners Right to take part [sec.12 (a)] Right to express opinion [sec.12 (c)] Right to have access to books [sec.12 (d)] Right to share profits equally [sec.13 (b)] Right to receive interest on capital one of the profits [sec.13 (c)] Right to claim interest on advances Right to be prevent the introduction of new partner [sec.31] Right to retire [sec.32] Right to carry on competing business [sec.36 (1)] Right to share subsequent process [sec.37]

Slide 6: 

CONCLUSION The partner has to share the profits and loss in the business then only it will call as partnership firm. If the partners follows the rights and duties then the relationship between is in good manner and they can lead market.

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