Reciprocal relationships between a company`s partners are created by an agreement between these partners. The result is a reciprocal right and obligation to any partner involved in the company`s business. Sections 9 to 17 of the Indian Partnership Act of 1932 sets out the mutual relations provisions of all partners. These relationships are governed by an existing contract between them, which can be implied or expressed by the conduct of trade. The agreement may vary depending on the agreement of all partners. In this article, we examine in detail the different rights and obligations of partners in a partnership company. 2) an agreement reached by all parties involved; Here are some of the important tasks of the partners in a partnership. What is the goodwill, see the introductory note to J.C. 3, Part III. It can be established that the Supreme Court, in reference to the specific provision of s. 22 of the English Partnership Act, in 1890, decided that the entire property of a partnership company, whether property or real estate, is real estate.
therefore, in the event of a partner`s departure or dissolution of the company, the division of assets, even if immobilizing between the partners, is not attributable to the transfer of property and the authorization to retire or dissolve does not agree. Any differences resulting from ordinary business related to the transaction can be decided by the majority of the partners and no change in the nature of the transaction is made without the consent of all partners, subject to a contrary contract, these obligations and rights of each partner are provided for in sections 12 and 13 of the Partnership Act. 5. No person can be taken as a partner in the partnership without the agreement of all existing partners. (f) A partner is entitled to be compensated by the company for all acts he has performed in connection with the company transaction, for any payments he has made in connection with the debt or the obligation of a company, as well as for expenses and payments made in case of emergency to protect the company from losses, for any action he has suffered in the course of his social activities , provided that he acted as a person of extreme caution. who would have acted in similar circumstances for his personal affairs. If there is a difference in nature between a company`s partners in terms of the business, the majority of them feel that this is the case. Any partner of the company has the right to express his opinion before making his decision. However, without the agreement of all the partners involved, there can be no changes such as the activities of the company. On a routine, the opinion of the majority of partners will prevail.
Although the majority rule would not apply if there was a change like the company itself. In such cases, unanimous agreement from the partners is required.