Partnership books are kept at the partnership`s main office and are available to each partner at all times. Accounts are held on a year-over-year basis and are closed and balanced at the end of each fiscal year. A partner agreement creates a partnership; they share reciprocal rights and obligations. There must therefore be the agreement of all partners in the interest of a company. However, these contracts are governed by the Partnership Act 1931. In general missions, partners are required to conduct the company`s business to the greatest common advantage. They should remain faithful to each other and remain faithful to all things that concern the company, to all the partners of its legal representatives with all the information (Article 9). In this section, the relationship is considered one of the “very good beliefs,” although partners are not trustees for each other. In some cases, the relationship between partners is held in trust. In conclusion, each partner is obliged to compensate the company for any damage it has suffered as a result of its fraud in the business (Article 10). There are certain rules between management partners: a) This is a right for any partner to participate in the management of partnership activities.
b) Any partner has the right to verify and copy the company`s accounts. c) No changes can be made as a business without the agreement of all partners. (d) Each partner must take care of the business of the company carefully (Art.-13). Partners can allocate management`s work in any way possible. There may be a partner who is not involved in the part of the business. The contract of a partnership may provide that it does not perform transactions other than those of the company during its contractual activities, and such an agreement is not justified due to commercial restrictions [p. 11, paragraph 2]. It is a personal right of the partner to participate in the transaction that the assignee cannot assert during the sustainability of the company. Neither partner should withdraw a portion of their capital without mutual agreement between the partners. There is no interest on the company`s first capital position or on any subsequent contributions to the capital.
The partnership can only be established by an agreement under the Partnership Act of 1932. However, a minor may, with the agreement of all partners, participate in the benefits of the operation, but he cannot be a partner.
