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Rights and duties of a partner:
1.All partners are entitled to equal contribution of capital
2.No salary is to be allowed to any partner
3.No interest is to be allowed on capital
4.No interest is to be charged on drawings
5.All profits and losses are to be shared equally
6.Every partner has the right to inspect the books of accounts
7.Every partner has the right to take part in decision making
8.Interest is to paid on any loans borrowed by partners (The % rate varies from one country to another)
9During dissolution the debts from outside people are paid first then loans from partners and lastly partners capital.
10.No partner should carry out a competing business
11.Any change in business such as admission of new partners must be through the agreement of all existing partners.
12.Compensation must be given to a partner who incurs any loss when executing the duties of the business.
Moraa orina answered the question on April 29, 2018 at 07:45
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