Are you looking for the rights of partners as given in Accounting for partnership – Fundamentals chapter of Class 12 Accountancy CBSE Board.
I have summed all rights of partners as given in the syllabus of class 12 Accountancy.
Rights of Partners as given in Accounting for partnership – Fundamentals Chapter of Class 12 Accountancy CBSE Board
Below are the Rights of Partners in Partnership Firm.
- Every partner has the right to participate in the management of the business.
- Every partner has the right to be consulted about the affairs of the business.
- Every partner has the right to inspect the books of account and have a copy of it.
- Every partner has the right to share profits or losses with others in the agreed ratio.
- If a partner has advance loan, he has the right to receive interest thereon at an agreed rate of interest. In case the rate of interest is not agreed, interest is paid at the rate provided in the Indian Partnership Act, 1932, i.e., @ 6% p.a.
- In case of an emergency, a partner has the right to act according to his best judgment and be indemnified for the expenses incurred by him.
- A partner has the right not to allow the admission of a new partner.
- After giving proper notice, a partner has the right to retire from the firm.
- If a partner incurs expenses on the business or he pays amount on behalf of the firm, that partner gets indemnified for the payments made by him from the firm.