Partnership Rights

Question 1

When is a partner entitled to renumeration

Answer 1

Generally never, but two exceptions:

1. When the partner renders services in winding up
2. When the partners agree to pay a partner for her efforts

Question 2

For a limited partner to bring a deritivative action

Answer 2

To bring the action, the limited partner must be a partner at the time of bringing the action as well as at the time of the wrongful transaction, unless the status of partner devolved on him by operation of law or pursuant to the terms of the operating agreement.