• Partners share profit or loss equally
• A partner who incurs loss or liability while discharging the firms obligations is entitle to indemnity.
• A partner who lends money to the firm is entitled to interest at the rate of 6% per annum.
• A partner is entitled to take part in the management of the firms business.
• A partner is not entitled to remuneration for taking part in the management of the firm business.
• A person cannot be admitted as a partner without consent of all existing partners
• Difference in ordinary matters may be decided by majority of the partners
• The firm cannot change its business without the consent of all partners
• Every partner has the right of access to the firms books of accounts.
• A partner cannot be expelled by the others unless the power to do so by expressly vested on them