56a-401. Partner's rights and duties.
56a-401
56a-401. Partner's rights and duties.(a) Each partner is deemed to have an accountthat is:
(1) Credited with an amount equal to the money plusthe value of any other property, net of the amount of anyliabilities, the partner contributes to the partnership and thepartner's share of the partnership profits; and
(2) charged with an amount equal to the money plusthe value of any other property, net of the amount of anyliabilities, distributed by the partnership to the partner and thepartner's share of the partnership losses.
(b) Each partner is entitled to an equal share of thepartnership profits and is chargeable with a share of thepartnership losses in proportion to the partner's share of theprofits.
(c) A partnership shall reimburse a partner for paymentsmade and indemnify a partner for liabilities incurred by thepartner in the ordinary course of the business of the partnershipor for the preservation of its business or property.
(d) A partnership shall reimburse a partner for anadvance to the partnership beyond the amount of capital the partneragreed to contribute.
(e) A payment or advance made by a partner which givesrise to a partnership obligation under subsection (c) or (d)constitutes a loan to the partnership which accrues interest fromthe date of the payment or advance.
(f) Each partner has equal rights in the management andconduct of the partnership business.
(g) A partner may use or possess partnership propertyonly on behalf of the partnership.
(h) A partner is not entitled to remuneration forservices performed for the partnership, except for reasonablecompensation for services rendered in winding up the business ofthe partnership.
(i) A person may become a partner only with the consentof all of the partners.
(j) A difference arising as to a matter in the ordinarycourse of business of a partnership may be decided by a majority ofthe partners. An act outside the ordinary course of business of apartnership and an amendment to the partnership agreement may beundertaken only with the consent of all of the partners.
(k) This section does not affect the obligations of apartnership to other persons under K.S.A. 56a-301.
History: L. 1998, ch. 93, § 20; Jan. 1, 1999.