- Participation in business: Each Partner will have an equal opportunity to participate in their business operation. If the partnership contract stipulates so, partners can restrict this power to allow only some of them to contribute to the running of the business.
- Right to express views: Partners have the freedom to express their opinions. A majority vote of the partners can settle discrepancies in common business issues. To help solve such problems, each Partner can communicate their idea.
- Right to access the books and accounts: Every Partner has the right to investigate and make copies of the company’s accounting records. This implied consent to both active and dormant partners.
- Right to share profits: Partners outline specific details in their partnership deed the percentage to exchange the firm’s profits. If they’ve not consented to a fixed share of the profits, all the partners must share the company’s profits evenly.
- Right to be indemnified: Partners could make a payment and debts directly a consequence of their business practices. They can sue one another for compensation for the Partner’s decisions. Such decisions need to be made in an urgent situation and should be of the sort that a prudent and reasonable partner would end up making in identical conditions.
- Right to interest on capital and advances: In most instances, partners do not earn interest in their investments. If they decide to express an interest, it must be compensated only from profits. They could indeed earn interest at a rate of 6% per annum on any subsequent advances made to the business