The rights of a partner of a partnership Flashcards
1
Q
What is the default rule for participation in the management of a partnership?
A
All partners have an equal right to participate in management unless the partnership agreement specifies otherwise.
1
Q
Do partners have a right to remuneration for their services to the partnership?
A
No, partners have no right to remuneration unless there is an agreement to the contrary.
2
Q
How are profits and losses shared among partners if the partnership agreement does not specify otherwise?
A
Partners share profits and losses equally if the agreement is silent on this matter.
3
Q
What is the right of a partner regarding indemnification?
A
A partner has the right to be indemnified by fellow partners for expenses incurred on behalf of the partnership.
