22/10/2019

Rights and Responsibilities of Partners in a Partnership Firm

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Partnership is a relation between two or more persons agreeing to share the profit/loss of the business run by one or more person acting for all. The persons who have entered into the partnership are individually known as ‘Partners’.

The partners, in the partnership, enter into a partnership deed which generally defines all the rights and responsibilities of partners. Subject to the partnership deed entered between the partners, the provisions of the Indian Partnership Act, 1932 also defines certain general rights and responsibilities of partners.

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Tags: partnership firm / remuneration in partnership firm / roles & responsibilities of partner / roles of partners

 

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