1. General Duties
- Act for greatest common advantage.
- Be just and faithful.
- Render true accounts.
- Give full information.
2. Duty to Indemnify
- Partner indemnifies firm for loss caused by fraud.
- Firm indemnifies partner for proper acts and emergency acts.
3. Conduct of Business
- Every partner may participate.
- Ordinary matters by majority.
- Change in nature of business requires consent of all.
4. Accounts and Property
- Partners may inspect books.
- Firm property must be used for business.
- Secret profits must be accounted for.
5. Remuneration and Interest
- No remuneration unless agreed.
- Interest on capital only from profits.
- Interest on advances usually payable at statutory rate, subject to agreement.
6. Profit and Loss
- Equal sharing unless agreed otherwise.
- Losses follow profit-sharing ratio unless agreed.
7. Authority of Partner
- Implied authority covers usual acts of business.
- Restrictions may bind partners internally.
- Third-party protection depends on notice.
8. Admission and Retirement
- New partner requires consent of all.
- Retiring partner remains liable until public notice for future acts.
9. Transfer and Expulsion
- Transferee gets economic interest, not management rights.
- Expulsion valid only under deed, good faith and proper procedure.
Core Memory: Deed first; Act next. Mutual trust, disclosure and good faith govern the internal relationship.
