Sec. 34-335. Rights and duties of a partner.
Sec. 34-335. Rights and duties of a partner. (a) Each partner is deemed to have
an account that is: (1) Credited with an amount equal to the money plus the value of
any other property, net of the amount of any liabilities, the partner contributes to the
partnership and the partner's share of the partnership profits; and (2) charged with an
amount equal to the money plus the value of any other property, net of the amount of
any liabilities, distributed by the partnership to the partner and the partner's share of
the partnership losses.
(b) Each partner is entitled to an equal share of the partnership profits and, except as
provided in subsection (c) of section 34-327, is chargeable with a share of the partnership
losses in proportion to the partner's share of the profits.
(c) A partnership shall reimburse a partner for payments made and indemnify a
partner for liabilities incurred by the partner in the ordinary course of the business of
the partnership or for the preservation of its business or property.
(d) A partnership shall reimburse a partner for an advance to the partnership beyond
the amount of capital the partner agreed to contribute.
(e) A payment or advance made by a partner which gives rise to a partnership obligation under subsection (c) or (d) of this section, constitutes a loan to the partnership which
accrues interest from the date of the payment or advance.
(f) Each partner has equal rights in the management and conduct of the partnership
business.
(g) A partner may use or possess partnership property only on behalf of the partnership.
(h) A partner is not entitled to remuneration for services performed for the partnership, except for reasonable compensation for services rendered in winding up the business of the partnership.
(i) A person may become a partner only with the consent of all of the partners.
(j) A difference arising as to a matter in the ordinary course of business of a partnership may be decided by a majority of the partners. An act outside the ordinary course
of business of a partnership and an amendment to the partnership agreement may be
undertaken only with the consent of all of the partners.
(k) This section does not affect the obligations of a partnership to other persons
under section 34-322.
(P.A. 95-341, S. 21, 58.)
History: P.A. 95-341 effective July 1, 1997.