ConsultationEvery partner has equal rights in disposing of the matter. However, ordinary matters are decided by the simple majority of partners and policy matters are settled with the consent of all the partners but every partner must be consulted.Receive ProfitEvery partner has a right to receive equal profit from the management in the absence of an agreement.Participation in the ManagementEvery partner is allowed to take part in the management of the … [Read more...] about Rights of Parnters
Contract
Duties of Partners
To Perform True ServicesEvery partner must perform true services in partnership i.e., to maintain the true accounts, to keep the actual vouchers records and transactions and to permit the other partners to inspect the accounts fairly.To be Sincere and CarefulEvery partner must be sincere, faithful and careful to other partners. He should discharge his duties very fairly.To work for Best AdvantagesEvery partner is expected to conduct this business of the firm to the … [Read more...] about Duties of Partners
Classes of Contract
Agreement between two or more members is known as a contract. A partnership deed is the best example of contact. Contracts are signed in an opening bank account, taking a payday loan and everything you sign for buying product/service. It's awful.Main Classes of ContractValidA valid contract is one which is enforceable by law. the object of such a bond is to create an outstanding obligation between the parties, one party shall be bound to some performance, the other shall have a legal … [Read more...] about Classes of Contract
27 Most Important Contents of Partnership Deed
Partnership Agreement or Partnership deed is the most important paper or document in Partnership. It includes all the rights, liabilities, roles of each partner and also govt. rules. Entrepreneurs in the sole proprietorship or partnership have some predefined goals and work to achieve them.As being alone, the advantage of sole proprietorship is that there as no need to note down anything.All decisions are made by the owner. But in partnership, everything must be discussed and written in … [Read more...] about 27 Most Important Contents of Partnership Deed