48-1-15. Rules determining rights and duties of partners.
The rights and duties of the partners in relation to the partnership shall be determined,
subject to any agreement between them, by the following rules:
(1) Each partner shall be repaid his contributions, whether by way of capital or advances
to the partnership property, and share equally in the profits and surplus remaining after all
liabilities, including those to partners, are satisfied; and, except as provided in Subsection
48-1-12(2), must contribute towards the losses, whether of capital or otherwise, sustained by the
partnership according to his share in the profits.
(2) The partnership must indemnify every partner in respect of payments made and
personal liabilities reasonably incurred by him in the ordinary and proper conduct of its business,
or for the preservation of its business or property.
(3) A partner who in aid of the partnership makes any payment or advance beyond the
amount of capital which he agreed to contribute shall be paid interest from the date of the
payment or advance.
(4) A partner shall receive interest on the capital contributed by him only from the date
when repayment should be made.
(5) All partners have equal rights in the management and conduct of the partnership
business.
(6) No partner is entitled to remuneration for acting in the partnership business, except
that a surviving partner is entitled to reasonable compensation for his services in winding up the
partnership affairs.
(7) No person can become a member of a partnership without the consent of all the
partners.
(8) Any difference arising as to ordinary matters connected with the partnership business
may be decided by a majority of the partners; but no act in contravention of any agreement
between the partners may be done rightfully without the consent of all the partners.
Amended by Chapter 61, 1994 General Session
Download Code Section Zipped WordPerfect 48_01_001500.ZIP 2,552 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Wednesday, July 23, 2008