Duties of the partner in partnership firm
There are rights which are guaranteed to the partner . There are duties. Because it visa and versa. If they are rights there are duties .There are six to seven duties which needs to be followed
While they are in the firm they are bound to follow the business firm . They should be acting in good faith . They should not been acting not in the good faith of the company.]
Other duty of the partner is that there partner will be indemnified for the loss if the firm has suffered due to his negligence’s . Because as discussed in the first point is that there should be a true fair and dedication to the firm .
Another set important duty will be similar to the second point is that to indemnify the neglect loss according to the section the if he will be liable for loss incurred by him to the firm . In the other point is that partner of the firm are the partnership of the law sustain equally in the firm. In the profit which they are incurred some of the profit should not be used for common purpose . Some of the profit should be incurred should be used for some specific purpose . In this the profit they usually earned should not be used for their own purpose.
If he is complete the role of the partnership is complete in the firm . It is the duty of the partner to share the profit . It is one of the area where the minor are able to get some benefit in terms of partner in the partnership firm .
While they wants to discontinue the partnership it is the primary duty to give notice before the six months of the gap of notice before . It is the normal legal procedure which should be followed.
Partnership is the relation between two or more person who have to share . profit between all of them Other duty is to that to check Wether profit is divided equally . There is agreement deed where the partners sign the contract each other with certain terms and conditions . There they should be concern on Wether the firm or the company is equally dividing on the portion ratio. If it is not divided portions ration then it is not equally sharing the ratio . So these are the duty kept in mind before going to read to the liabilities of partnership law . It is important that rights are not similar but some situation of the contract.