§ 23-4-1-18 — Rules determining rights and duties of partners

Indiana § 23-4-1-18

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 4: PARTNERSHIPS
• Ch. 1: Uniform Partnership Act

Text

The rights and duties of the partners in
relation to the partnership shall be determined, subject to any
agreement between them, by the following rules:
(a) Each partner shall be repaid his contributions, whether by way
of capital or advances to the partnership property and share equally in
the profits and surplus remaining after all liabilities, including those to
partners, are satisfied; and except as provided in section 15(2) of this
chapter, each partner must contribute toward the losses, whether of
capital or otherwise, sustained by the partnership according to his share
in the profits.
(b) The partnership must indemnify every partner in respect of
payments made and personal liabilities reasonably incurred by him in
the ordinary and proper conduct of its business, or for the preservation
of its business or property.
(c) A partner, who in aid of the partnership makes any payment or
advance beyond the amount of capital which he agreed to contribute,
shall be paid interest from the date of the payment or advance.
(d) A partner shall receive interest on the capital contributed by him
only from the date when repayment should be made.
(e) All partners have equal rights in the management and conduct
of the partnership business.
(f) No partner is entitled to remuneration for acting in the
partnership business, except that a surviving partner is entitled to
reasonable compensation for his services in winding up the partnership
affairs.
(g) No person can become a member of a partnership without the
consent of all the partners.
(h) Any difference arising as to ordinary matters connected with the
partnership business may be decided by a majority of the partners; but
no act in contravention of any agreement between the partners may be
done rightfully without the consent of all the partners.
Formerly: Acts 1949, c.114, s.18. As amended by P.L.230-1995,
SEC.5.