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What are the rules followed in a partnership when there is no partnership agreement.

In the absence of partnership deed the following rules regarding rights and duties are followed.

Regarding rights:

  • Every partner has a right to take part in the management of the business.
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  • Every partner has a right to express his opinion freely and has a right to be heard in all the matters.
  • Every partner has a right to see, inspect and take a copy of books of accounts.
  • A partners is not entitled to get salary, interest on capital out of profit.
  • A partner has a right to share the profits of the business equally.

Regarding duties:

  • Every partner is bound to carry on the business.
  • Every partner is bound to keep and render proper books of accounts.
  • Every partner has the duty to contribute equally for the losses.
  • Every partner has the duty to hold and use partnership property exclusively for the use of the firm.
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