Question

Explain various rights and obligations of partner.?

Answer 1

Rights and obligations of partner

Explanation:

Partnership is an agreement between two or more person to carry on legal business with an objective of profit sharing. the partners have the following rights and obligations-

Rights of partners-

1. right to share profit of the business
2. right to participate in conduct of business
3. right to see books of accounts
4. right of retirement
5. right to use property of partnership

Obligations of partner-

1. partners are liable for all the conduct of the business.
2. obligation to pay the debt of outsiders.
3. obligation to carry on the business legally
4. obligation to share losses

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Answer 2

Various rights and obligations of partner:

• Transferability of interest: Shares are not transferable without the consent of other partners.

• Debts: The partners are personally liable for its contracts and debts.

• Powers: A partner has no limit to its activities.

• Management: All partners has the right to take part in the management while taking important decisions.

• A partner must do his duties honestly and prudently.

• A partner must not make any secret profit without the knowledge of other partners.

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