Section 12- The conduct of the business
Subject to contract between the partners, -(a) Every partner has a right to take part in the conduct of the business; (b) Every partner is bound to attend diligently to his duties in the conduct of the business; (c) Any difference arising as to ordinary matters connected with the business may be decided by a majority of the partners, and every partner shall have the right to express his opinion, before the matter is decided, but no change may be made in the nature of the business without the consent of all the partners; and (d) Every partner has a right to have access to and to inspect and copy any of the books of the firm.
Mutual rights and liabilities
Subject to contract between the partners-(a) Partner is not entitled to receive remuneration for taking part in the conduct of the business;
(b) The partners are entitled to share equally in the profits earned, and shall contribute equally to the losses sustained by the firm;
(c) Where a partner is entitled to interest on the capital subscribed by him such interest shall be payable only out of profits;
(d) Partner making, for the purposes of the business, any payment or advance beyond the amount of capital he has agreed to subscribe, is entitled to interest thereon at the rate of six per cent per annum;
(e) The firm shall indemnify a partner in respect of payments made and liabilities incurred by him-(i) In the ordinary and proper conduct of the business, and
(ii) In doing such act, in an emergency, for the purpose of protecting the firm from loss, as would be done by a person of ordinary prudence, in his own case, under similar circumstances; and
(f) A partner shall indemnify the firm for any loss caused to it by his willful neglect in the conduct of the business of the firm.
Subject to contract between the partners, -(a) Every partner has a right to take part in the conduct of the business; (b) Every partner is bound to attend diligently to his duties in the conduct of the business; (c) Any difference arising as to ordinary matters connected with the business may be decided by a majority of the partners, and every partner shall have the right to express his opinion, before the matter is decided, but no change may be made in the nature of the business without the consent of all the partners; and (d) Every partner has a right to have access to and to inspect and copy any of the books of the firm.
Mutual rights and liabilities
Subject to contract between the partners-(a) Partner is not entitled to receive remuneration for taking part in the conduct of the business;
(b) The partners are entitled to share equally in the profits earned, and shall contribute equally to the losses sustained by the firm;
(c) Where a partner is entitled to interest on the capital subscribed by him such interest shall be payable only out of profits;
(d) Partner making, for the purposes of the business, any payment or advance beyond the amount of capital he has agreed to subscribe, is entitled to interest thereon at the rate of six per cent per annum;
(e) The firm shall indemnify a partner in respect of payments made and liabilities incurred by him-(i) In the ordinary and proper conduct of the business, and
(ii) In doing such act, in an emergency, for the purpose of protecting the firm from loss, as would be done by a person of ordinary prudence, in his own case, under similar circumstances; and
(f) A partner shall indemnify the firm for any loss caused to it by his willful neglect in the conduct of the business of the firm.
Mutual rights and liabilities of partners
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