Examine Four Rights Of Partners In Partnership Agreement

19. September 2021

The Indian Partnership Act defines partnership as „the relationship between people who have agreed to share the profits of a company run by all or one of them who acts for all.“ A partner who is not related to the partnership company may manage an activity that competes with that of the company. The partner may even promote such an activity, but must do so without using the name of the company, presenting itself as the business of the company or promoting customers who had dealings with the company before the partner ceased to be part of the matching company. New partners should not be introduced into a partnership without the agreement of all partners. They have the right to object to such authorisation, unless there is an explicit contract authorising such an introduction. 2. Each partner has the right to have access to the books of the partnership company and to consult and copy them. The rights of partners in a partnership enterprise are defined in the partnership contract of the company. A partnership is a group of two or more people who have agreed to create a business together and to participate equally in its profits, losses and obligations. Indeed, the law treats shareholders as co-owners and is responsible for both the debt and the obligations of the partnership.

However, the partnership contract may establish specific rights and obligations that go beyond the laws of the State in which it is created. (h) No partner may assign or transfer its interest in the partnership to another person to make it a partner of the company. Support – Estoppel PartnerThe partner who presents himself as a partner but does not invest money in the company is called a holding or Estoppel partner. It is not a real partner. this partner is responsible for the company`s debt to foreigners. Sec. 12 (a) provides that any partner in a commercial partnership has the right to participate in the commercial procedure. However, this right is subject to a contrary contract. However, a partner himself may waive this right. No partner of the company is entitled to remuneration with his share of the business profits of the company as a result of participation in the activities of the company.

However, this rule can always vary by an explicit agreement or by a course of the activity, in which case the partner is entitled to remuneration. Thus, even without a contract, a partner can claim remuneration if this remuneration is to be paid as part of the continued use of the business. More simply, if it is customary to pay a partner remuneration for the management of the operations of the partnership company, the partner may require it even if there is no contract for payment of the latter. The partners are legally obliged to continue the activities of the partnership company. The general responsibilities of a partner are listed below. Persons who sign the partnership contract and invest capital in a twinning company are designated partners. He is the owner of the business. When establishing a partnership, the partners are expected to place the best interests of the company above their own interest and act in trust both vis-à-vis the company and vis-à-vis the other partners.

As a rule, no interest is paid to the partners. However, when authorized by an explicit or tacit agreement or by the use of trading, a partner may calculate interest on the capital. In this case too, interest is paid only on profits. 13. The procedure for the settlement of disputes between partners. If a partner provides an advance to the company in addition to the capital he must invest, the partner has the right to charge interest of 6% per year. While interest on the capital account is no longer being liquidated, interest on advances continues even after dissolution and until the date of payment. .

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