What Are The Duties Of Partners In The Absence Of Partnership Agreement


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Anonymous Profile
Anonymous answered
What is the procedure both financially,wages, and legally in dissolving a partnership when the partner has taken a breakdown
Sajid Majeed Profile
Sajid Majeed answered
Following are the duties of partners in the absence of partnership agreement.
It is the duty of every partner that he must use his knowledge and skill for the benefit of the firm and not for his personal gain.

Every partner must show true and proper accounts to his co-partners. He must explain the points raised by other partners relating to the accounts.
Every partner must do duty with his authority. He must perform his work with the authority given.

Every partner must give full and accurate information about the firm to his co-partners. A partner must not conceal any information concerning the firm from other partners.
It's the duty of every partner to use the property of the business, just for business not for personal matters.It's the duty of every partner that he must attend and perform his duties carefully and honestly.

Every partner is bound to indemnify the firm for any loss caused to it by his fraud in the conduct of business of the firm.It's the duty of every partner that he must be just and faithful to other partners.A partner cannot assign his rights and interest in the firm to an outsider in order to make him partner in the business without the consent of other partners.

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