Describe the various type of partner in a partnership partnership firm and discuss their rights and obligations
Answers
Explanation:
The rights of partner in partnership are given below:
Right to manage business.
Right to express views and ideas.
Right to inspect books account.
Right to share profit.
Right to be indemnified.
Right to proper use of property.
Right to join ownership.
Right to get retirement
Explanation:
Right to access books and accounts: Each partner can inspect and copy books of accounts of the business. This right is applicable equally to active and dormant partners. Right to share profits: Partners generally describe in their deed the proportion in which they will share profits of the firm.
The rights of partner in partnership are given below:
Right to manage business.
Right to express views and ideas.
Right to inspect books account.
Right to share profit.
Right to be indemnified.
Right to proper use of property.
Right to join ownership.
Right to get retirement.
A Partner is an Agent of the Firm (Section 18)
A partnership is a relationship between partners who agree to share the profits of the business.
According to the Partnership Act 1932, a new partner can be admitted into the firm only with the consent of all the existing partners unless otherwise agreed upon. ... For the right to acquire share in the assets and profits of the partnership firm, the partner brings an agreed amount of capital either in cash or in kind.