Duties of Partners
The following are the fundamental duties of the partners according to the partnership Act 1932 Duties of Partners
1.Common Advantages:
To carry the business of firm for the greatest common advantage of all partners is the duty of a partner.
2. Use of firm Property:
It is the duty of partner that he must not use the property of firm for his personal interest.
3. Secrecy:
Partner should maintain the secrecy of the business from outsiders.
4. Provision of Information:
In the partnership firm, every partner is the agent of all the other partners. So it is his duty to provide all types of information regarding to the business of the firm to all other partners.
5. Share in Loss:
It is the duty of every partner that he bears the loss equally in the absence of agreement. But if there is an agreement then he should bear the loss
6.Sincere and Careful:
according to the agreement
Every partner shall attend honestly and carefully his duties in the conduct of business.
7. Willful Neglect:
A partner shall indemnify the firm for any loss caused to it by his willful neglect in the conduct of the business of the firm.
8. Transferring of Interest:
Partner’s interest cannot be transferred to any third Dfaho person so as to make him a in the firm.
9.Act within Authority:
Every partner in the firm is bound to act within the scope of the authority given to him
