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.