TyroCity

Rights and duties of partners

Rights of partners

  • Every partner has right to take part in planning, implementation and control activities of the firm
  • Every partner has right to express his opinion, give advices and view on any subject
  • Every partner has right to inspect and enquire about the account and ask for the duplicate copy
  • Every partner has right to share the profit according to the agreement
  • Every partner has right to get interest on loan and advances
  • Every partner has right to use the properties of the firm but only for the benefit of the firm not or personal use
  • Every partner has right to leave the firm with consent of remaining partner
  • Every partner has right to have interest on the property but should not sell the property to anyone without the consent of other partners
  • Every partner has right to dissolve the firm with the consent of other partners

Duties of the partners

  • It is the duty of every partners to share the loss occurred in a firm
  • It is the duty of every partners to work honestly and faithfully and work for common benefit of all partners and firm
  • It is the duty of every partners to work and make decisions within the authority
  • It is the duty of every partners to maintain the financial status of the firm.
  • It is the duty of every partners to stop the leakage in firm. There should not make any secret profit.
  • It is the duty of every partners to compensate on the loss and damage to firm.

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