Mutual Rights and Duties of Partners

July 14, 2023

Mutual Rights and Duties: The act specifies the rights and duties of partners. Partners have the right to participate in the conduct of the business, share the profits, access the books of accounts, and be indemnified for acts done in the ordinary course of business.
They also have a duty to act in good faith, be diligent, and provide true and full information to other partners. They also have to indemnify the firm for any wrongful act happened by them they have a implicit duty to share in the losses of the firm. They have a duty to work for the future and betterment of firm in long run.
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