As per section 12 of the Indian Partnership Act, 1932, followings are the rights and duties of
the partners in relation to the conduct of the business of the firm:
Right to take
part in the conduct of the business
Every partner
has a right to take part in the conduct of the business. [12(a)]
Partner to
attend diligently to his duties
Every partner
is bound to attend diligently to his duties in the conduct of the business. [12(b)]
Decision by
majority
Any difference
arising as to ordinary matters connected with the business to be decided by a
majority of the partners. [12(c)]
Right to
express his opinion
Every partner to
have the right to express his opinion before the matter is decided. [12(c)]
Consent of all
partners require for change in the nature of business
No change can be
made in the nature of the business without the consent of all the partners.
[12(c)]
Right to
access to and inspect and to the copy of the books of the firm
Every partner
has a right to have access to and to inspect and copy any of the books of the
firm. [12(d)]
Legal heirs or
representative or authorised agent’s right to access to and inspect and to the
copy of the books of the firm in the event of death of partner
In the event
of the death of a partner, his heirs or legal representatives or their duly
authorised agents shall have a right of access to and to inspect and copy any
of the books of the firm.
The above is however
subject to a contract between the partners. There can an agreement contrary to
the above.
See section 12 of the Indian Partnership Act, 1932 on lawzonline.com