486A.401 - PARTNER'S RIGHTS AND DUTIES.

        486A.401  PARTNER'S RIGHTS AND DUTIES.         1.  Each partner is deemed to have an account subject to the      following:         a.  The account is 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.         b.  The account is 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.         2.  Each partner is entitled to an equal share of the partnership      profits and is chargeable with a share of the partnership losses in      proportion to the partner's share of the profits.         3.  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, if such payments were made      or liabilities incurred without violation of the partner's duties to      the partnership or the other partners.         4.  A partnership shall reimburse a partner for an advance to the      partnership beyond the amount of capital the partner agreed to      contribute.         5.  A payment or advance made by a partner which gives rise to a      partnership obligation under subsection 3 or 4 constitutes a loan to      the partnership which accrues interest from the date of the payment      or advance.         6.  Each partner has equal rights in the management and conduct of      the partnership business.         7.  A partner may use or possess partnership property only on      behalf of the partnership.         8.  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.         9.  A person may become a partner only with the consent of all of      the partners.         10.  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.         11.  This section does not affect the obligations of a partnership      to other persons under section 486A.301.  
         Section History: Recent Form
         98 Acts, ch 1201, §20, 79, 82         Referred to in §486A.405