Understanding Partnership Rights and Responsibilities
Classified in Law & Jurisprudence
Written on in English with a size of 2.69 KB
In a partnership, two or more individuals or entities agree to carry on a business together with the goal of making a profit. Both partners have rights and duties that govern their relationship and the business operations. Here's an outline of the key rights and duties:
Key Rights of Business Partners
- Right to Participate in Management: Each partner has the right to take part in the management and decision-making of the partnership unless otherwise agreed.
- Right to Profits: Partners are entitled to share the profits of the business according to the terms of the partnership agreement (or equally if not specified).
- Right to Access Information: Partners have the right to access the partnership's books and records and inspect the business's financial