What are the rights of a partner?

1.	What are the rights of a partner?
Answer» 1. Right to take part in business: Every partner has a right to take part in the management of the business. 2. Right to be consultant: Every partner has the right to be consulted in all the matters concerning the firm. The decision of the majority will prevail in all the routine matters. 3. Right of access to books, record and document: Every partner has the right of access to all records and books of accounts, and to examine and copy them. 4. Right to share profit: Every partner is entitled to share the profits in the agreed ratio. If no profit – sharing ratio is specified in the deed, they must be shared equally. 5. Right to receive interest: A partner has the right to receive interest on loans advanced by him to the firm at the agreed rate, and where no rate is stipulated, interest @ 6% p.a. allowed.

Answer»

1. Right to take part in business: Every partner has a right to take part in the management of the business.

2. Right to be consultant: Every partner has the right to be consulted in all the matters concerning the firm. The decision of the majority will prevail in all the routine matters.

3. Right of access to books, record and document: Every partner has the right of access to all records and books of accounts, and to examine and copy them.

4. Right to share profit: Every partner is entitled to share the profits in the agreed ratio. If no profit – sharing ratio is specified in the deed, they must be shared equally.

5. Right to receive interest: A partner has the right to receive interest on loans advanced by him to the firm at the agreed rate, and where no rate is stipulated, interest @ 6% p.a. allowed.

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